Since money is an issue I would think about doing a 383 stroker, there are many parts on the market out there. You can develop 500 HP without breaking a sweat and in a light car like that it will haul. As far as components l would spend the extra money and go with a forged rotating assembly for durability. Cams go with a solid roller such as bullet or crower. If you do not use these manufacturers make sure it is a billet cam since some use a cast core, ask for an ever where gear so you do not have to use a bronze distributer gear. Carb could be a basic holley or eldebrock. Intake manifolds and heads there are so many good affordable products on the market. I could go on for ever, but shop around. I just built a 383 stroker and saved almost $700.00 in parts by shopping around even though I bought almost everything through summit. Summit has a beat a price a guarantee and the fact they are a very reputable company.
As far as powerglide it is a very consistent tranny, but for my personal preference I like a 4 speed. That is what i run, it is so violent that it is great.
Let us know what you end up going with.