Its got clutches. I am just weeks away from dropping in a hot little 350 as I mentioned earlier in this thread, so I haven't been too concerned about the gears until now. Once the 350 is in, then I will be dropping in a T56, so I will probably upgrade to some 4:11s or something in that area.
The car is not going to be an all out drag car. I plan to take it to a few local road courses as well as the local drag strip. It is also my daily driver so it can't be too radical. I am still trying to decide on the right rear end combination for my T56.