I like the ideia...except where it mentions butchering a 4x4, that tranny was designed to cope with 55bhp at 80kmh MAX, i've seen them break with stock engines!! even 1242cc conversions seem to break parts and that's a tiny amout of torque increase compared to what you'll need to drag race.
The fwd panda does make good launches...LEARN TO DRIVE.. mine could do consistent mid 13sec runs and it only put out 178bhp albeit it only weights 500kg with driver.
I'm not a driver, i only make the monsters and let someone else tame them, i do try to make balanced cars though.
Listen to other people who have more experience in the area and you'll learn...like always listen first and only then ask questions
"Oldschool" is one of those you should listen to, chances are he's forgotten more about these engines then most will ever learn.
When someone tells you it's not possible make sure they say why...if they know know what they're talking about they'll say it