I've seen several low 11 high 10 second NA fbodies that pull regular street duty. Mine was a little on the radical side with true duals flowmaster 1 chambers (very loud), 3600 stall, 4.11 gears, locker, and MS3 cam but I still drove it to work on the weekends (50 miles one way). Never got to actually run it but I'm quite positive that it was in the mid- bottom 11's as it was. I was about to put the 150 shot on before my valve decided it didn't want to live in one piece anymore (long story). SFC's are more important than just traction.
Fbodies will dimple up on the rear quarters with stock power if driven hard alot so get those asap. They also don't like front turn signal bulbs. Some have the piston slap on start up as well. Other than the aforementioned pinion seal I can't really think of any problems I've had.
2000 Red 1SC Z28 A4 - dead for now
2005 Black GTO M6 6.0 - Split daily driver
1987 Silver Fiero GT - Split daily driver