The answer would have to be "YES". The key would be tires. I know that many of my Datsun buddies (albeit, 510 guys) run R compound tires for the street all year around. Here in Oregon, it would be a bit scary due to rain. Anyway, I ran my 510 at Portland Int'l Raceway a couple years ago at a club track day. My car had a 200 HP L22 (4 cylinder), coilovers, brake upgrades, etc, but is a daily driven street car. With a set of 195/60-14 Kumho DOT race tires, I ran identical lap times to the Viper that was there. Since they've got meat on those things, a little more "sticky" on my part seemed fair. At any rate, he'd pull me hard down the straight, but I'd catch right back up in the corners. So, I had better handling than the Viper, that was in a "shoe-box" 510.
Since then, I upgraded to a 510 with a VG30ET with 340 HP / 400 ft lbs. That, however, was not enough, so I sold that car for $20k and am building an LS1/6 (C5 or Z06) powered Z car. I decided to go with a bullet, rather than a brick.