Aarons 5.0

I am looking to find a Fox body thats in decent shape for around 4000-4500 maybe less if I find a deal.
or
I am looking for an LX with a blown engine and/or tranny and build it up.
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I have found numerous 4 cylinders around my area, but I am probably going to start out with a 8 cylinder LX because it is a bit cheaper than replacing the rear end and tranny right off the back along with the engine if you convert a 4 cylinder. Also I'd get a 8 cylinder EFI manifold already wired if I bought a 8 cylinder.
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If I find a blown engine in a 8 cylinder LX around my area, I am going to buy a shortblock thats built to handle high HP, not sure just yet what I want. I have a slight clue what I want from reading the last few issues of Car Craft (the 302 Explorer bored 306 in the Comet pushing 470 on pump gas.) I might build something similar to it, since its about what I want from an engine. What do you think would be a better idea? I need something that will last 70k+ miles. I am going to have a hold of around $12,000 saved up to buy and build one up in August/September.
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I have done a lot of research on this in while I was saving, but haven't but recently just found this forum. Keep in mind I'm still 18 so I'll need a reliable car for college, but I also want something I can tweak and have fun in once in awhile. My Dodge Neon isn't going to stay alive much longer.
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Edit: Typo + Above line

92hatchLX

Sounds like a good plan.