stock lightened frame, full drag setup - marvin shaw shocks or struts, drag arms, drag swinger, axle, lighten it up as much as you possibly can for starters. 4 mil cub on alky, shearer OOF drag pipes, good clutch,strong basket and so on with an override trans and lockup should get you into the 7's easily maybe 6's. A 10 mil cub or super cub should definitely have no trouble getting you into the 6's you want, possibly faster. Once your setup is altogether and running, it will be gearing and fine tuning that will determine your best et's.
This should help you with gearing >> http://www.bansheehq.com/technical-information/
Sell what you are not going to use and use the cash to fund the build, or like already noted - sell it all and buy a bike or roller already setup.