there was a guy in Atlanta that was running one of those engines in a econo dragster, he was able to do a direct gear drive on the cam, had a 429 Boss(hemi) head on it, had an aluminum plat cut out to fit the deck(creates a deck surface) and welded it in. Ran full roller bearings on the cam as well. SCCA/IMSA allowed the 3.7 to be used in Ford chassi for a while, I know a couple guys that thought about it, but never ran it.
performer head with good roller rockers, 4bbl intake with a good Q-jet, pertronix ignition coversion and you'll be good to go
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