Hi Lanng
Welcome to the forum. I hope you will find what you are looking for.
In my humble opinion this Bagheera is far too good to be used for racing and also too expensive for a racing project.
I agree, tt is too expensive.
I think the biggest problem with Bagheera as a race car is - as Andy Owler is also facing - its lack of power and the fact that there was never a homologated more powerful version available. This means that it is just not competitive with similarly aged historic racers like (smaller engined, but far lighter) Mini Coopers, or various Lotus'es (with much more power but similar weight). You are therefor looking at "club racing" for modified cars, where it will be up against everything and anything.
It's a pity, because I think the Matra's deserve to be shown to the public and historic racing is a good way to do it. And the glass fiber construction favours it, actually, because it's easy to repair damage. Take a look at this photo of a Lotus Elan which suffered serious rear body damage in training at CHGP 2009, but was able to complete the whole weekend despite the crash
http://gallery.dinsen.net/v/2009/chgp/DSC_6489.JPG.html(I'm not implying that you should TRY to make your racing Bagheera look like this Elan
, but if you race, you should be prepared to take "punishment" like that!)
I personally don't think the classes for modified cars are as interesting as historic racing. It might be just as much fun (perhaps even more?), but spectators won't come to see the cars, but to see the race. Matra's deserve the publicity, IMO
However, Lanng - that's just my opinion. Your idea sounds like a great project, and I think you should go on with it. Find a reasonably good Bagheera in a restorable state, fit a Peugeot 2 litre 16V engine, preserve the looks of the car as much as you can (because it's a beauty!), and RACE IT. Seat's will have to go as you will of course strip the interior completely and fit a cage, race seat, etc. Look at Andy Owler's thread about roll cage for very useful information.
The Peugeot engine will ensure that your car still has a bit of "originality". And it has been done before.
Good luck. I'll look forward to hearing more about your project!
/Anders