My only question is, how much does it cost to attend the HPDE events? I don't think racing should have to cost me a fortune (beyond, of course, buying the car!) But it doesn't seem too bad from what I can tell. The NASA site says that each track has different costs, and the season matters, too. Joining NASA is only $44 bucks per year.
The NASA inspection is recommended to have done by an ASE tech, but I'll bet if I gave them a resume of my own automotive training, they'd probably allow ME to sign off the car - I've already read over the tech sheet - there's nothing there I can't inspect myself, and I could think of a half-dozen more things that should be inspected as well.
As far as the engine is concerned, these things are BUILT for racing. The V10 platform is very reliable and simple - hell I think the 2008's will be more troublesome as they finally have variable-valve-timing. The original V10's were very basic - these same engines were used for the ACR's with nothing more than air-inlet changes. Those things are effectively street-legal race cars!
I think the engine will handle anything I ask of it.
Now the tires will be another question.
Jeff