Dropping it from neutral will do a great job of spreading the interior parts of your transmission all over the street. Not to mention how stupid you'll look to all your buddies.
As has been mentioned a line loc will help. It applies the front brakes only and allows the rear tires to spin. Also, since you're down on horsepower try pumping your rear tires up to about 40-50 psi. That will lower your traction and allow the tires to spin easier.