There's a lot of good info at MR2OC.com and you can probably find a downloadable copy of the factory service manual a/k/a the BGB (Big Green Book) there too.
Definitely remove the A/C. Just extra weight for no good. Yeah, an Elise-style hood would work fine. If you don't feel like slotting or hole-drilling the firewall behind the radiator, you can cut the entire thing out. Just cut above the line formed above the spot welds at the bottom and on the sides and below the obvious lateral crease at the top. We've run probably 6 races without it at all and haven't noticed any front end flex/twist as a result. I did weld in a piece of roll cage tubing across the frame members in the frunk, just to make sure.
For the oil cooler, what I did was put a sandwich plate on the oil filter and ran the oil cooler out that way. You can put the engine cooling fan on the oil cooler, as it does jack squat for cooling the engine while the car is in motion. It's only there to help keep down engine bay temps in stop and go traffic. In terms of oil, it depends on how worn your engine is and how well you get it cooling. Mostly I pick up whatever is the cheapest full-synthetic oil I can find, but then I change it after every race session. I got a bunch of Royal Purple 15w40 on sale for $4.99/quart last summer and have been using the crap out of that, and it seems fine. Redline will tell you to use 30w, a bunch of forum guys swear by 50w. I think 30w or 40w full synthetic is fine, but you might want thicker if you're going to be racing in hotter temps.
You can find a pretty common air intake mod (and AFM mod too) on MR2OC. I think you'll see that nobody uses the stock around-the-car air intakes. You can put the oil cooler in the spot on the right where the engine cooling fan resides/resided if you like. You can leave the engine fan on its stock relay and controller and let it decide if/when to turn on, or slave it to a dedicated relay, which is what I did.
For the sump spacer, I did mine on a bandsaw too, and basically exactly as you described it. Then I shimmed the legs that hold the oil sump screen with extra washers.
The front brakes will overheat if they don't get air. It can be hard to get them ducted due to the frunk, but if you just cut openings in the air dam to let some fresh air in, that seems to be sufficient at most tracks. The only one where we've had any real brake problems is at ECR, but EVERYBODY has brake problems at ECR, so it's not and MR2 issue (for once), that's a track issue. The rear brakes are only marginally functional on most MR2's in order to reduce snap oversteer. You can remove the brake prop valve inside the stock prop valve body that's located on the driver's front strut tower, but to be honest, I haven't found that it really makes much of a difference either way.
Pat Mulry, TARP Racing #67
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