yep, even ferrari used a transverse leaf spring front suspension on some of classic their light racecars.
I think the back end needs more work, the whole axle is too light, weak and open, a little extra power easily shags the diff. I reckon a heavier whole axle, stabilizer/sway bar and panhard rod would not only mnake it heaps tighter and able to get the power down but add some weight which the back end really needs. they are way too easy to swap ends, and sit there spinning every time u take off when its wet.
from what i gather, its around $5000 aud to buildup a full house 150hp nat-asp A motor, but about half that to boost it, but a turbo or supercharger under your bonnet is a more obvious giveaway its non-standard so probably non-legal unless u get it approved.
the great thing about these is they can be great fun at still legal speeds with not that much spent on them