I'm sure we've all thought about it. Take the old car and put a motor with hot cams and no resictor in it, then do some modifications to the weaker parts. You'd have 120+ horsepower in a 450 pound car. Our team still uses the F4i and have f4s from the carb'd era that are begging to be modified.
Is there a place where such a thing could be run? I know the university wouldn't want to be associated with it and I'm not sure how SCCA feels about it.
And yes I have driven the car, I actually drive it at comp. Although it is fast and fun it isn't always traction limited...