So as I begin thinking about my next project car, I find myself torn. I would really love to build something like a 20v-powered MR2 and go have tons of fun at HPDEs again, but picking up an old pre-1980 twin cam Alfa or Fiat and running events like the Snowball Rally also sounds like a wonderful way to spend the occasional few vacation days. This got me wondering: is there anything out there that could do both effectively without spending an absolute crap ton of money? Note: I am not looking for something that would require a non-brand engine swap (i.e. I would consider swapping a late Twinspark motor into an early Alfa, but I have little interest in putting an LS1 in anything).
I know that you can basically run anything at an HPDE as long as it's suitably prepped, but even a stock Miata would be absolutely blowing the doors off of something like a Spitfire at your typical track day. On the flip side, a well-prepped period 911 or similar would definitely hold its own at a track day, but is FAR from cost-effective for the purpose. Say the budget is $6000. That would build any number of effective HPDE cars with cash to spare, or would pick up a quite nice (but rolling chicane-level slow out of the box) LBC or Fiat Spider. Would it be a pipe dream to find something like a later Fiat 124 coupe and build it up to around ~150HP on a budget like that?
My thought is that a late 2000cc Bosch fuel injected Fiat twin cam swapped into an earlier car with a few key modifications and/or Megasquirt might be a great foundation and get me most of the way there, but I have no idea if that's really realistic, or if there are other options out there I'm not recognizing...what would you guys suggest?