Any experience with "Locost" style cars?

[Because Racecar]

In my infinitely capable wandering mind, I've been contemplating my next project. Obviously this site is near and dear to my heart for muscle cars, but I was considering a different direction for my next build.

Does anyone here have experience with Locost style (Caterham, Lotus 7) builds? I'm thinking of going for a mid engine LS4 (5.3L transverse) build with an F40 6 speed. Wondering if you have any thoughts. They're neat because they can be exposed skeletal frame style, or enclosed in whatever body work you want, end up being very light on the order of 1500 lbs. I think it woul dbe a neat experience with the frame building and design, much more free hand then working in the confines of an existing vehicle.