I think I may be responsible for sending this thread off topic a little. My bad.
Make sure you do every step with your son. Have a great time, and take advantage of all of the bonding and learning opportunities. I always tell my boys, I’d rather people leave the race talking about how great my kids are than how great their car was.
I am not a pro, so take that into consideration while reading my suggestions. (However, I did stay at a Holiday Inn Express last week

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Prozach2 - yes this thread headed down a path other than what was originally intended. However, it brought to light a very real possibility that a pearson that was thinking of running oil might end up with sludge on race day. It was a good conversation to have.
Also, I wanted to highlight your last paragraph. That is a very good philosophy! Work with, teach, encourage, and spend time with your kids! It will pay dividends both for the derby and later in life.
Castle - what Prozach2 has given you is solid information. Use it as a bases to start from. You will get various ideas and thoughts from others that can/will be a bit different. That is because there is no one perfect answer/build.
I will add that while the tungsten canopy will ultimately not be as fast as using all cubes placed in weight pockets cut underneath, with a little creativity and proper wheel weight placement along with a good alignment can produce a relatively fast car.
Alignment is critical ....let me say that again, alignment is critical!!! Yes it is that important.
There are a lot of very small things that will make a difference when all added together. But in my humble opinion, there are three main areas that should be focused on first.
1) Alignment - do whatever you can to get this as near perfect as you can.
2) Wheels and axles - if you can and want to, buy vendor cut wheels and use aftermarket axles. If your rules prohibit this, then pick thru as many wheels as needed to get a good set. Likewise, a true BSA axle can be made to run fast with some work. No matter which route you go ...do a good wheel and axle prep! Yes, it makes a difference.
3) Weight - weight your car properly. Learn how to balance it out and the reasons for doing this. Use the potential energy in your 5 ounces to your advantage. The gold standard (as of now) is to put about 2 ounces of weight behind the rear axle as a starting point. Build and weight your car according to what is needed by the rest of your build.
Read and read some more, there is a ton to be learned here. Almost all of your questions can be answered by reading. If you read, you will find that you learn a ton more than by just asking a question and then doing whatever the answer was. By understanding the concepts, you can teach your kids the reasons behind what you are doing while building a car. It takes more time, but the kids will notice that the extra effort pays dividends. They will also be learning valuable life lessons.
Remember to enjoy the time spent with your kids and be sure to have some fun while you are doing this! Good Luck!