by the way, what heads do you plan to use?
this will make or break your entire build up.
if you need help here also, just ask.
EDIT: ok just went back and noticed the on a tight budget part.
Well, if you're hoping for 700 hp on Junkyard parts not including a turbo or SC, good luck to ya.
You are not going to find aftermarket heads that will reach 700 hp in any junkyard in the US, I bet the chances of finding a set there would be a little slimmer.
I built my first turbo car using junkyard parts. I reached 450 hp with a 4 cyl. But I also lucked out finding a guy selling off his stash of hipo parts.
I can find rotating assemblies that will get you to 347 for around 500 bucks US. That's like 280 pounds. THen I can find AFR heads that'll flow to where you need for about 2000 US, or about 1125 Pounds. Then you'll need an intake, and machine work etc.....
Sorry, the RWD 302 Escort is cool as hell, but 700hp is out of your budget, unless you go with heads ported to hell and back and turbos on top of a forged set of rods and pistons, and a forged crank. And that is your entire budget and change.
Yes if you put 500 hp through a stock motor, it will grenade after a while. That's why they make forged cranks.
If you want to stroke it out to 347 or somewhere else, and then get a good port job on the heads, you'll see really decent power.