Hey man im in high school too and im also trying to build a fast car on a small budget(1979 Firebird) just like yours. From what i've learned, some basic things that cost almost no money can make your car faster. One thing I did was that I changed the rear differantial fluid. I found out it hasnt been changed ever, and when i pulled off the differential cover, i noticed that it was all thick and sludgish. Once I put some Royal Purple 80w90 in it, it ran like a dream and instantly got a feeling of more power. Something else i found out was that the calipers were all pushing against the rotors, which obviously causes friction. Also, those gears will not work, as F-Bird 88 suggested your gunna need higher gears, but i feel 3.73-4.10 would be good. Also, ive found ALOT of parts on Craigslist. I even saw a set of Vortec heads brand new for only $300. Just my 2 cents good luck and i look forward to seeing how it goes. TRUST me on one thing, weight makes a HUGE difference! Cut as much out as possible. If you wanna take it 100% just gut the interior and pick up an aluminum bucket seat ($120ish). Obviously exhaust and headers or no exhaust system at all!
Ive found this as well!