£5k won't get you the full package mate. The brakes and transmission to sensibly cope with that will take at least £2500, and that's without the engine work needed.

350bhp will make a quick car mate, believe me and is easily acheivable within your £5k budget. Transmission is on the limit mind, but provided you aren't doing too many full bore standing start launches you should get some wear from the 'box.