I think it's a great idea! I drive a Scooby as my daily so I can attest to their durability. I think you would be surprised at the reasonable prices for parts.
FactoryFive has the rep of a top notch company. They've been doing these types of projects for a while.
RCR is doing something similar using a Talon/Eclipse base car.
http://www.gt40s.com/forum/rcr-forum...rlite-gta.html