I had that exact set up, but before, I was using the V8 Springs. My engine setup was also pretty similar to yours as well. GT40 irons, Edelbrock Performer EFI intake (before there was an RPM EFI intake) E-cam 1.72 rockers, 70mm TB, 73 C&L MAF, 24lb inj., 1 5/8 LTs, 2 1/2" H-Pipe, with 3.73 gears through a World Class T-5.
When I had the V8 springs, I would consistently run 1.6 60's on motor using 26x10 ET Drags, and on motor I would run consistent 1.50 -1.52 60s on a 150 dry shot. When I went to the 4 cyl springs everything stayed pretty much the same, but I later switched to 28x10.5s and then I had a problem with the rear unloading.
Take that information how you will, but if I still had the car, I would have kept the V8 springs in it. The tires didn't help but, I don't think it would have been as bad if I didn't use the 4cyl springs. With the car lowered by the 4cyl springs, the 28x10.5s, changed the way the car set enough to cause problems.
I'd say keep the V8 springs but the rest is not too bad for a budget setup. Get yourself an airbag for the passenger side rear too..... for a budget setup that is.
348ci, 4R75W, 95, Turbo, Fobra project. Check out my build in the Member Build-Up Projects.