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I took a 72 LT1 not totally original but I have modded it a lot. Nothing that can't be returned back but it is more fun to drive. Everybody always talks about going back to original. Lets face it how many are going to go back. Unless you have a L88 or 435 HP car you probably will not go back. Not to many 76 cars are going to be worth big bucks back to original. Mod the heck out of it and have fun with it. Its your car.
If you are going to spend $5000 on just the engine, then why not take the $5000 and add it to what ever you get if you sold your car. If you sold it for $6000, then the $5K would give you $11,000 to find another one that suits your taste better.
That is giving the fact that you have not grown emotionally attached to your Vette yet.
Just another thought or opinion to add to this list of possibilities.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.