I agree with
@TT5.9mag
But I think it's more than being competitive. You want a safe, fun to drive car that handles well and has good driving dynamics.
This means expensive brakes, tires, cage, restraints, seats, helmets, suits, completely upgraded chassis, suspension. A warmed over 5.9 will be just fine for starters, but you will need to invest in cooling and oil control for it to last.
All this is just time and money. Just depends on how much of each you've got, really. I like the Miata idea because a lot of those bases are covered right out of the gate and you have a legendarily reliable and fun to drive car you can learn in.
Our beloved Mopars were not endowed with any kind of responsive handling in mind. So there's a lot of re-engineering required to build a fun track car.