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I do the same as your plans in a 98 WRX. Budget is a higher as it is pretty quick (300kW ATW and late model 6 speed drivetrain... about $25k). As Peter said, if I got defected the list would be long... so I don't drive it where risk of police pulling over. Does 1:07s at wakefield. Wins most skidpan events I go to, and does 11.0@125MPH at drags.
If I were you, I would consider what you want out of the car. An AWD car will probably be quickest, but a nicely balanced RWD may be more fun.
-- Adrian
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