Rich has great advice and is also a great resource. He knows the value of a KMS and the cost to build it right. Function-budget-speed? KMS is the best choice but keep in mind the rules and regulations of todays track requirements. You might need full roll cage etc for the class you plan to race? For racing all you need is the base car, a powerful plant, and a strong trans. See this car:
http://www.cobracountry.com/cobra4sa...tech/home.html
A KMS set up like this ride would be double the cash outlay. Remember Cobras are fast but still a handfull and nothing like cars of this era.
Best of luck in your adventure.
Jeff