John,
I'm doing just that, a dedicated ls-1 powered track car. You are right about the time and money part. Also right about the V-8 Z car and an IT car. I could not match lap times at CMP in my street driven lt-1 240Z that the IT Z cars were running there. I hope to be able to say differently this year.
Ever come to the east coast? I would love to have you to set up this car but unfortunatly I can't get out there. I have saved most of your suggestions on suspension set up. Time will tell if IT Z cars still best any time I can post.