You can upgrade a base (FE1) car to Z51 specs fairly easily, Racks, shocks, springs and such are easily available and you would probably have to replace most of that nayway.The only problem would be the frame stiffeners that were welded in on the assembly line. Most association rules should allow you install any available OEM (or equal ) components that were available for that model year.
The 89 Z51 MN6 was probably one of the best stock cars for autocross competition. If the goal is B/SP, I would look for the cheapest rolling chassis you can find. Build your motor or get a GM crate motor like a ZZ4. I would go with a manual tranny like the 4+3 or a Richmond Gear 5-speed or 6-speed (they bolt right in and they have bolt holes for the torque arm) so if you decide to do some open track events, you won't have to worry about typical A4 issues (heat, not runing in O/D).