500 hp is quite optimistic as others have said, especially from a 5.0L, unless there is a turbo or supercharger involved.
0-60 should be in the high 3"s if you can get traction. I had a classic roadsters AC Cobra and it was heavy 2700lbs, could only pull 13.7 in the 1/4 with a 300hp 351W.
If you can get it cheap maybe, sounds like a fair amount of fiberglass damage plus all the chassis parts. I"ve never heard of a TVR kit, maybe its a European company.
In the US most "collectors" of replicas "fake" tend to want a Ford engine from my experience. The chevy powertrains sell for considerably less. But if you are the one driving it, who cares, its yours.
Last I checked $25K US could get you into a very nice replica, I"d keep that in mind as you put together your parts/labor list.
Oh and if your interested in an engine, this ones for sale, it dynoed at 666hp, and if you"re nuts enough there"s also the 600hp Pro-fogger nitrous just below the carbs.
Just be careful, I"ve seen to many "easy fixes" end up costing more than a nice turn-key car, plus you didn"t lose two years of your spare time in labor.
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