So like you I foolishly decided I wanted to race. My project 2002 is now just going to be street and HPDE car. 3 weeks ago I bought a 76 race prepped 2002. Just that it was race prepped for SCCA ITB about 20+ yrs ago. Many things needed or needs to be updated to current racing specs. Mostly fix the cage to current door bar requirements, Put in new racing seat and harnesses, proper cage padding, Fire Suppression, move the battery cutoff into the car, move the battery to safer location....
Plan is to run COMSCC Time trials, Vintage events and Local Champ/Lemons.
I've done few of HPDE and some time trial events.
I just completed Bertil Roos 3 day racing course at Lime Rock Park (they bought most of the Skip Barber school assets and instructors). So completely worth it. Learned so much about car control, how to look at race track, evaluate your line and planning escape if you screw up. Also qualifies me to get my SVRA license.
So that's how I'm starting. Keeping the car basic, want the cheapest most available parts, because things will break or wear out.