Well,if we are going the $$$$ and time route of custom building a 600cc V10 or equivalent, I'd just ditch the restrictor and silly 610cc limit altogether. Why spend years of manpower and $$$$ for something you get less than 1 weekend out of?
Instead, I'd get a higher mileage LS7 out of a totalled vette. Throw in the cam and valvetrain required for 8500 RPM's along with the necessary portwork. I'd just run one gear because a full transmission wouldn't really be necessary. It would weigh about 320 lbs for the engine (as opposed to 100 for your typical 4 cyl) and your driveline would be heavier, BUT it'd also make about 740 bhp. With no transmission at all, gear changes will be infinitely quicker than an F1 car too.
I'd run a 3.42:1 total gear reduction, giving its single gear a 150mph top speed (about as fast as I'd feel safe in a 700 hp student built open wheel car). This would also give it about 2700 lb of thrust at the tire at peak torque. Taking a 400 lb FSAE car, adding 220 lbs for the engine, and 150 lbs for the driveline, and 50 lbs more to the chassis, this car could weigh just under 1000 lbs with driver. This would give it a much better power to weight ratio than a measly F1 car.
Such a car should be able to pull 2.0g of launch accel off idle, upwards of 2.7g at peak torque, and back to down to 2.2g at redline. Might need a little assistance from some VHT for these numbers, but the point stands. If you can get the car to hook, top speed (150 mph) should be reached in approximately 3.1 seconds according to my tractive effort spreadsheet.
You could roll people up at the drag strip on Friday nights and destroy the autocross courses on Sunday. That's what I'd do.