Yes it does help, thankyou.
It is a good reminder to do some online research, and we are at the very beginning of that process now. I really hear what you're saying, and I think some advanced driver skills training and track days will be the order of the day for young Ozjnr. Also, he'll have been driving for a couple of years by the time we finish the project.
Ozjnr will be taking a gap year to work on the car before starting uni so that it doesn't interrupt his study. We'll be using the next few years to save the money, do the groundwork and start gradually buying the parts that we need so that we have both the plan and the resources to finish the project in 2017. Given that it's 2014 (soon), we should have more than enough time.
The funding won't be an issue and I have my eyes well and truly open when it comes to the cost. I think 30K is a bit light, as you say, probably the minimum.
And yes, we will get some experience with a car in stock trim to see if we still want to upgrade the whole power-train. That's actually a very good idea, and has made me decide that I'll buy one as my daily drive when I'm back in Perth permanently later in 2014 (if I can find one between now and then). It will really help us decide what to do to Ozjnr's car; and it could well become Ozjnr's when he's ready.
Thank you for taking the time to share your thoughts. It's the sort of honest input that we need right now. It's sometimes difficult to remember that classic sports cars handled a lot differently to modern cars and need a much higher degree of skill and experience to drive. I'll keep that very much in mind and do what I can to ensure Ozjnr is as prepared as possible to get behind the wheel when the time comes.