....you mentioned that you were thinking about doing some of the open road races, and I think you will find that the oiling system is definitely a weak point. The 350 degree temps don't surprise me at all. Read my profile and you will find my solution....
I recall at the only race that I've been to so far (2001 Pony Express, going back this summer for round 2) that a very heavily modded Supra blew within the first several miles. It's hard on cars!