For out of the box power an LS2 would be a great option. I dont know how long a T176 would last doing burnouts all day though.
check out BBC's build. he's just starting to hook up an LS2 I believe.
I've got a 5.3L LM7 and it will roast my tires just fine on occasion but I rarely get after the skinny pedal
1985 CJ7 Project
Phase One :
5.3L Vortec/4L60E, Moser axles for AMC20, Twin Stick'd Dana300 - Completed
Bedliner, Rollcage, Seats, BESRK Rear Bumper w/ tire swing, Soft Top, and a few other goodies - Mostly Complete
Waggy 44 front, Scout D44 Rear, 4.56's, ARB's (F/R) SOA with YJ Springs, 35x12.50x15 BFG MT - Not Even Close to beginning
Also a mostly rust-free 1970 Scout 800A That I'll get to start working on someday...
Chrome won't get you home...BUT Rattle Can Black may just get you back"