Rob,
       Before you get carried away and spend good money after bad money, 
check with your local Vintage Racing organization (or the one in charge where 
you would race) and get a copy of their rules.  Requirements are not the same 
from Club to Club.
       You may have an advantage with your Series 1 at least in my Club, 
SOVREN, as it qualifies as an "under 1500cc" car.  If you convert it to a V6 
or a Rotary engine, flair the fenders, chop and channel, lengthen the 
wheelbase ... it will never race in any Club I know of.  I read ahead on the 
list and Gary Strom's answers are spot on.
       Consider taking a driver's school before jumping into your project.  
Wheel to wheel road racing is very intense and it requires a tremendous 
amount of concentration.  I know several people that were quite surprised to 
discover they "really didn't want to go racing after all" after taking a 
driver's school.  If you still want to go racing after the school, I think 
you will find it is the most fun you have ever had with your clothes on!
Jim Leach    Pacific Tiger Club     Seattle
SCCA,  SOVREN,  and too many others...
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