I can totally appreciate a tight budget and cost-cutting and think it's totally possible if you're smart, open minded and creative.
Think take out LQ4 or even a super cheap LT1 instead of an LS3 and go to online classifieds here and places like LS1Tech.com and craigslist instead of Summit and Jegs. Think '70s F, X, and G Bodies instead of first gen F-Bodies.
If you're really open minded, get a 3rd gen Camaro or a Fox Body Mustang which are both super cheap, pretty fast out of the box, efi with manual trans and decent brakes and suspension and loads of aftermarket support.
While obscure bodystyles are cheaper, don't stray too far or you'll have zero aftermarket support which is why I suggested the 70s GM stuff. The brakes and suspensions are already quite a bit more advanced than '60s stuff and there's lots of aftermarket support for them.
I would totally watch a carefully planned budget build so don't despair. Get a plan and get going.
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