You can hit 12's with a stock longblock. Another recent poster just went high 11's with a 90-shot of juice, and he's running an AOD hatchback, stock H/C/I, with just basic bolt-ons (mostly
suspension). So 12's are definitely within reach. I'd start focusing on building up the rear end with traction mods, gears (4.10's or 3.73's) and a pair of DR's, then work your way forward to the tranny (good clutch and shifter) and then a few little things on the front end (relocate battery to trunk, electric fan, A/C, smog, and P/S delete). Practice a lot on launches and shifting, and then beat the snot out of it at the track.
By taking it to the track once or twice a month, do you intend to drive it the rest of the month, or are we talking about a strictly weekend warrior/trailer queen kinda setup? Reason being, if you completely strip the interior, it's going to make it feel almost miserable to drive (especially in the summer) with no sound insulation or such - the heat and noise coming up through the floorboards makes it feel like you're in a motorized tin can - and you might miss that passenger's seat when you use it for day-to-day stuffs. Otherwise ... strip away!