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I'd save the money tbh. Either go all out (itb's etc) or don't bother imo.
Or spend the £300 on road tuition. You'll be far quicker than a 172 with 1-2 extra bhp!!
Ph1, better basis for a track car. More coilover options available, already on 15's, cable throttle, already a chunk lighter, and the exhausts cheaper when it falls off. For the money you could sell a standard 182cup for, you could pick up a ph1 172 with plenty of mods already done.
Like mine.