I guess its heavily budget dependant. I did hear of a VERY tidy STI TYPE R go for close to £3000 the other day...
If you are going for a proper track car - it aint cheap just ask our friend Ciaran.
Option 1 is probably the cheapest, less hassle problem. Going for 400hp aint difficult on the newages, probably just swap the tubby. Also, for every bit you take off the newage, there is a market for it on resale... and so saving you more money.
Suddenly scared of inadequacy on the fling are we?