hello stimpy, just read your posting through again in detail, got it. That's still a lot of truck you've got there...
My pontiac is supposed to be a 249" sidevalve straight eight, which would have put out 107bhp @ 3700revs when it was new. But as the valve clearances stamped on the valve covers are ten thou, and the specs say they should be 12, it looks like I'd better go check it out in more detail.
About as far from what your racecar engine will be as... well, you can fill in the rest! I've heard these old lumps frequently referred to as boat anchors, so, yes, I'm keeping an open mind on what to do about getting some drivability out of her. You can see, some great suggestions here from the guys already.

Your post sent me rummidging through my notes to look at the Butler IA II aluminum block; a v-8 block weighing 125lbs putting out some terrific looking horse-power. Perhaps someone here has seen it up and running?
It looks like a hell of a lot of engine - and it's Pontiac...
found it on http://butlerperformance.com/product.../aluminum.html
I hope it's alright to put up references like this; if it's not the done thing, please would somebody put me straight. new boy in the class, here.
cheers, Len