My thoughts:
different truck. like said above, K2500HD isnt light. keep the beloved 5speed truck stock-ish for reliable towing. I vote find a C1500 shortbed/ reg cab with a v-8 and automatic, and stuff a 6.5L 4L80E in it.
and this one will blow some minds: wouldnt an auto be better? yes, I asked if an auto would be a better choice! I would think for drag racing the auto would do better, especially for loading up a big turbo setup to get it to spool.
If your gonna do that, why not go all the way and get a S10? It'll have a better p/w ratio than any full size truck...
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