I think you mean burnt valves. I can't speak to the origin of the myth but it's not something you need to worry about on these cars. I also wouldn't worry about hurting anything under the car. Drive it to the shop and get your work done. You're fine.
Figure 80-100lbs depending on kit and options. Seats can basically get that back for you. Seats, battery, subwoofer, few odds and ends got me close to 200lbs out of the car. Weighed every component that I took out or replaced and added it all up trying to get as much as possible. Finally caved...
E85 is the best shit since sliced bread for racers.
In a half mile pass I'm maybe 150 yards from the finish line, in 5th gear, WOT, north of 165mph and near 6800rpm and 15psi. The car had dyno'ed at 930rwhp in the configuration I was running. The fuel pressure overcame the fitting...
I'd stick with 11:1 compression. Boss valve springs. I'd agree that I beams are a good idea so you never have to have the motor apart again but a budget is a budget. I wouldn't bother with chains and what not unless you're going to routinely see 8000rpm.
Ford Racing M-6731-FL820
I use this one because of the heavier weight oil - it has substantially more filter media because it's physically a much larger filter.
The 5W50 will provide better protection once oil temps start to really climb under heavy load. 5W20 is an economy oil meant for fuel...
I think the Reisch is a good choice for the vast majority of people out there. And some of the lower temp thermostats run worse than the Reisch as well and lead to higher CHT. And with E85 a catch can is absolutely necessary IMO.
I always add the disclaimer that I primarily race my car, but I purposefully have a 160F Mishimoto thermostat and E85. I ran the Reisch 170F and it did just fine but I found the extra room in the coolant necessary for me when making a pass since it's doing double duty with the oil cooler.