Spin the tires? Easy enough to do, don't need much horse power, it's all about gear ratio's and tire selection.
My Excalibur had a stock 302 (about 215 horses), 5 speed, 3.5 rear gears. Top speed in 1st gear was about 25 mph, top speed in 4th or 5th was about 107 mph.
That thing would "smoke tires" to the point you couldn't see the car!
Run some Goodrich TA's, some short gearing and go tear up the asphalt. Fun car below 60 mph. I like the ERA 427 I currently I have, MUCH faster, but you can make a strong case for "keep it simple". That Excalibur was rock solid reliable, easy to work on, got great mpg, handled darn good and didn't cost an arm and a leg. A good car for the money and the fun.
Some years ago my buddy bought a similiarly equipped FFR, classic 302, 5 speed, 3.5 rear gear, about the same kind of performance, a bit better. He paid $17,000 for it, used of course. He's done a ton of work to it sense, but that original price is hard to argue with!