educate the boy on driving, get him involved in autocross, not only is a a good safe outlet it'll actually teach him to control the car, how to regain control when that back end steps out on an expansion joint on an onramp in the rain..
power has nothign to do with the kid finding trouble or hurting himself, I knwo I found plenty of trouble in my 80 hp escort, and I had plenty of friends with low no power cars, we still did stupid things, also if the kid is involved in the build, and has his own time and money invested in it, he's more likely to protect it, I knwo kids who would purposely abuse a nice free car that was given to them because they wanted something cooler, after all the parents have unlimited resources right?