Depending on the build you could still bump 400lbs of torque with a 427. I'd get an itty bitty carb...
2 problems with the 3K rev limiter are 1) it won't really provide the student some realistic on track training and 2) the car will still probably deliver lots of torque at launch where the car is hardest to handle. I would try the throttle stop which will truely reduce power at all RPMs.
3000 chip would be a bit much. just drop the shift rpm by about 1000 rpm and put in a comparable rev limiter chip.
