you could also mod an HSR a few of us here have done it
$600 total investment for my used set up including injectors and TB spacer

http://forums.corvetteforum.com/c4-t...r-hsr-mod.html

http://forums.corvetteforum.com/c4-t...ification.html

http://forums.corvetteforum.com/c4-t...ealth-ram.html

or buy it new from USM for $1300

http://www.usmracer.com/Holly-Stealt...Kit_p_2694.htm

 

I just turned 21 and had my 86 since I got my permit when I was 15 and I was in the same situation as you about modding. My parents had a ls1 t/a so I knew my car was not fast, but I wanted it to be. I put a cat back on it and swapped the wheels first because it had some kinda flowmaster catback that sounded like poop and I HATED the stock wheels. Was saving money and planning on getting headers, a miniram, and 1.6 rockers. Went as far as buying a used miniram off ebay (one of the biggest mistakes I have ever made). Like two days before the miniram arrived my baby spun a rod bearing. I did not drive the car hard at all, fastest I had it at this time was like 80 on the interstate. I used to like doing 0-50 or 60ish pulls because after that, the car isnt that fast honestly. Anyways, upon tear down a couple of the rod bearings were toasted as well as the crank. As the car sits now ( has been running off and on a few times since due to various issues (money amoung other things)) it has a 383, built trans, D44 waiting to be installed etc. WAY more$$ in parts than the price of the car, not to mention all of the hours me and everyone who has helped me with it has put in. Could have gotten out cheap by just replacing the crank with a stocker and resizing the rods but thats no fun. Moral of the story - keep some $$ for repairs and learn to do your own work if you do not already know how.

Wish you the best of luck.

BTW, it has been mentioned earlier, cheap and effective intake option would be corvetteplenum.com.