This is my plan for his money.

You want to take it to the track.
Set up for track day.
Work on the trans. Install the loop so you can run slicks.
Work on the converter. A 10 inch 3000ish stall will REALLY make a huge difference on track day.
The difference between a 350 hp 390 and a 425 hp 390 is the cam. And they both cost about the same.
Granted they have much different manners on the street, but your going to the track.
You want to know what it will do.
As it is with the stock converter and 270 cam and street rubber, you will be having a great day if you get into the 13's.
Low 14's on a good track, 13's maybe on a fast track.
With a bigger cam, some converter and slicks, 12's.
Put some gear in to get out of the hole and you'd get into the 11's
Pick your poison.
Just some rambling thoughts.