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If you wanted to do it right you would do a complete rebuild with all forged internals... or just buy a new shortblock. I new shortblock can be had for 5000 if you shop around, and 6000 for one that will handle loads of power (ask me if interested).
As for a tranny... your stock tranny will hold pretty good power, but a new converter would be needed. The rear would need new axles. That seems to be what people are finding out would be needed.
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