[Albatrossian]

To get 325 at the rear wheels, you'll need 425 at the flexplate. Without boring or machine work, you won't get that power level with TBI. Also, a stock, 20 year old 700R4 won't take that kind of power, either.
It's not horsepower that moves you, it's torque. I've seen little Geos and Suzukis get through some amazing stuff with less than 100 horsepower. With good gears, a properly set up suspension and good tires, it'll do what you want to do. Me being from Georgia, I don't really know what hoops you have to jump through in California, but I do know you've got to jump through a few of them. Do some research and draw up a game plan before you start throwing money at it.. you'll be better off in the long run.