As always, I appreciate the advice and tips many have given. Keep em coming 
Just getting going on the build now - been busy getting the house ready for a long winter as well as installing a 2-post lift and getting a new welder set up. So far, nothing too exciting. I've been stripping that trunk and interior in preparation for the roll cage build. Next steps will be to remove all the tar sound deadening and begin scraping seam sealer and removing paint where the cage footings will weld to.


Unfortunately, the car apparently had a leaky soft top at one point in it's life. That water caused the rear package tray and fuel tank access panel to be rather rusty. Looks like I'm going to have to purchase new ones of those. 

On the previous race miata I built, I removed the tar sound deadening using a putty knife and heat gun, then a wire brush on an angle grinder removed the remaining residue. This actually worked very well and didn't take long, it's just messy. I've seen dry ice method, but it doesn't appear to come off much easier, and I'll end up dinging up the sheet metal with the hammer. Does anyone have any other clever tricks for removing this stuff?
I also scored an OEM hard top for $550. It does need a bit of work, bit of bondo on the trailing edge where it must have been dropped, and paint of course. I'll probably have another $75-$125 into it at that point, but ~$650 isn't bad considering how much these go for now days!!!

As everyone has mentioned, difficult to compete at a majors level unless your car is making the HP, period. I am well aware of this! It's very possible that my motor build won't make the numbers that the pro builders can achieve, in which case I'll have to pony up some cash and buy one. However, it's also possible that my motor will be right there. Anyway, I've run some analysis using a lap simulator I wrote to determine the laptime sensitivity to HP at Mid-Ohio. Hmm, Mid-Ohio
Anyway, it shows what we already knew, that you've got ZERO chance of running up front if you don't have the motor for it! Eight hp per second means you can't afford to be down more than a couple from the rest of the drivers, or you will be having to drive all that much harder/better. I also calculated the laptime weight sensitivity, just for fun. Being lazy setting your fuel load, thus crossing the scales at 20lbs more than you wanted, means you give up about a tenth of a second per lap.

