A Charade with 4EFTE would be nice... but I'm not sure how easy the engine would be to find...

Civic EF with D15B... complete no-brainer... cheap, too. Not as fast in a straight line, but you have tons of suspension and handling options.

A real killer for a drag car would be a Kia Pride (30-50k, poor condition... heck, saw one for 7k, non-running...) plus a Mazda B6T motor, or even a 4AGZE, SR20DE or DET or a B16... all doable within a total budget of 100k (B6, B6T, 4AGE, SR20DE) to 150 or 200k (SR20DET or B16A)