5.0 Swap into 90s Miata

[5.0L Miata]

if you looking for light weight and big HP, I'd go Factory Five Cobra. However, that budget would be as inflated as the Health Care bill.

Also a great choice but with a few downsides.

1) The price is much higher which you mentioned

2) The Miata will be much more practical - I load up the wife, the dogs, and a weekend's worth of gear and head 2 hours north to our cottage in the summer in the Miata. Not going to happen in a Cobra replica.

3) The cops don't notice the Miata. They WILL notice a shiny Cobra replica with racing stripes, side exhaust, and knock off wheels!

All depends on what your priorities are.