How much can rear handle?
Is the GTO block stock cam & heads? I would look into upgrading those as well.
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If you're going to the track, get a tire with a taller soft sidewall and tread... It won't shock the drivetrain as hard and will perform better. A seperate set of street and track tires is obviously the way to go. You can get a used set of 16 x 8 f-bod wheels for cheap and mount up a set of 255-50-16 MT ET Street Radials... drive it to the track and drive it home. This is what I use and it provides plenty of traction in my application.

