I have read from others post that the oil guage in the dash is not accurate in a way to tell you how fast the oil presssure does get up. as for mods it is all your preferance but, the transmission will hold you back like it is me. There are plenty of information on this site about that, just go to search and look up first mods. I think you are going a little off track with what you already stated you wanted to do. there are many options you can take just be aware of what that transmission cannot handle. 
