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5ktq track car?

In my driveway, I have a dead '87 5ktq that I was given for parts ... the car 
sustained a minor front end shunt and it was totalled by the owners' 
insurance company.  They bought it back to remove some accessories they 
installed, including $4k worth of car stereo stuff, and left it sitting in 
their backyard for three years.  However, they're moving in a few weeks and 
needed to get rid of it and word of mouth eventually had them calling me to 
see if I would take it off their hands at a bargain price ... FREE!

Although I need another project car like I need a tail, I've been wondering 
what kind of track car this might make if it was stripped down, the engine 
was freshened up a bit and I went through the suspension.  I know Scott 
Mockry has built himself a dedicated 5ktq track car but that's about the only 
one I've ever heard of ... are there any more?

I know how much power can be gotten out of the motor but how much weight can 
be taken off the chassis?  Am I crazy for even thinking about such a project? 
 I'd like to find another Ur-Q instead but this would cost real money and 
since this car was free -- and worth at most $1k for parts, if I were to part 
it out instead -- I'm sorely tempted.

Anybody care to talk me out of and/or encourage me into yet another project?