What to do? MC motor with an NA ignition

[mccohens at verizon.net]

I am open to options.  My 80 TQ with a MC motor, big IC, adjustable wastegate and the stupid NA CIS and ignition system.  Bought this way from the PO and didn't know better.  He did put in a knock sensor light and SDS piggyback injectors, but the ignition has no knock sensor to retard on those 15PSI blasts on the track.  
I bought this car for Drivers Ed events, but think the car will not handle the stress.  Running 5-7PSI is OK on the street, but if I want to go slow on the track I will use my 914!

Any ideas?  Budget on this toy is pretty beat, down to about 1500.

Thanks
Randy Cohen
Chalfont,PA