68 coupe - Cool. I'm not trying to pick on you. We all start out knowing squwat. What I did want to say though is
1)the the entire car must be built for that kind of hp or you will waste time and money at best or hurt someone at worst. It's amazing how quickly you will crack the body by the rear windows when you start leaning on these cars. The chassis needs stiffening and of course you need good brakes. What good is 500 hp if your headlights are intermitnent or there are any other bugs?
2) A lot of what you are asking is as subjective as asking what you should have for dinner. Many people like edlebrock carbs (just not for high hp). Typically speaking, what works for traction in the 1/4 mile, hurts traction in the corners. Everything in between is a compromise. For a street car, you will have to decide what you want/like. Everyone has a different idea for what is streetable.
Good luck