Here's my MR2 with 2zz swap @ the track a LONG time ago. I had it when I was stationed at Fort Bragg. Came back to Houston to have David (aka littlerocket) do the the swap.
[ame="http://www.youtube.com/watch?v=Px_-QzoPrZs"]MR2 Spyder (modified @ track) - YouTube[/ame]
The times above were done with no LSD. I can only imagine the additional mods I could have done.
At the last Eat Sleep Car Meet in Houston I saw some as well. Made me miss the car. I'd built it all over again if money wasn't a thing. It would just take so much to get me back to where I was. At the end I had a hardtop, Trial body kit, TRD Spoiler, Tein coilovers, TTE sways, and Apexi PFC off the top of my head. The engine had valves and valve springs and could rev over 9k easily.
What people have to remember is that the vehicle is old. You can finance a new FR-S / BRZ easily and start the mods. You might not even be able to finance an older MR2 Spyder.
Biggest regret is that I never took it to a road course / autocross.