Cobred Ed your car is not designed for drag racing.
Road racing, autocross, and silverstone. Era sell a watt's link kit that will help fix the wheel hop problem. I would check all the suspension joints and make sure there is no or very little play. Tire pressure also. I would then have the car alignment done by A PRO shop that has the Jag spacers and clips for the adjustments. Have you have the car wieghted with you in it. Have the balance of the car done before the alignment. If you want to keep doing burn outs, you are going to break that rear. Rebuilt or new, Jag rear is good for 500 hp with a locker in it.You want to do burn outs add water to the tires first and rpm the motor to 2,500 and nail it as soon as the clutch grabs. It looks cool, but just plain dumb.
When it breaks and you have to fix it, hope it was worth it.
I hope the people you are trying to impress will help with the repair of the car.
Rick Lake