don't take this the wrong way but why not pick up a dedicated racer rather than rip up a perfectly nice and capable car? if you wanted to gut the vehicle (mind you, I own such a beast usually on jackstands in the garage) why not pick something for racing in a specific class...
such as a spec miata, or something along those lines.
good luck with your gutting, I guess
great cars to gut for racing:
EVO RS's, C5's, miatas, F-bodies... etc
not so great cars to gut for racing:
brand new E90/E92's