It's hardly worth spending tons of money to go slow.
FWIW, unless you have an abundance of cash, I would just run it as is to get a baseline and call it a day, or have fun with it as is.
Is it a peg leg, or a governor lock?
Be realistic, it's a 20 year old truck that can be embarrassed by most of today's vehicles.
Things you can do for cheap: ensure the tires are properly inflated, the brakes aren't dragging ( return springs stretched or fatigued in the drum brake system ) or the brake calipers dragging.
Removing the front sway bar links will give you some weight transfer to the rear on launch, as will removing the bolt for the rebound clamps on the front half of your leaf springs.
Ensure the suspension is not binding, and the ball joints move freely. ( IE lubricated )
Shorter tires will help the effective gearing, but limit the length of the contact patch of the tire. Moving to a wider tire will help, or a slick.
You aren't going to be able to run very fast on the stock rear axle, as it has C-clips to retain the axle shafts.
Before going to the track, you also need to make sure you have no fluid leaks that will prevent you from passing tech.
The stock driveshaft, if aluminum will not take much abuse if it is corroded. ( likely in a salt belt vehicle of that vintage )
Otherwise, with half decent traction you will end up like this:
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