id look closer to 450-500 hp it's easy to make big power now days for a decent price ... some KB hypereutectic 13:1 pistons and some aluminum heads (even pro comp) and the right cam would get ya there and possibly more...
tire height,stall converter,and gears and how it launches all play an important roll in the configuration and set up
if its your first drag car build what you can afford for now and have fun it'd be nice if my camaro ran 10's but i had fun building it with my dad and we built what we could afford at the time and had fun doing it!