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I'd buy a Falcon, Mustang or similar and you will have a ball. Any of these well driven and running legal spec will run easily in top 5-10 and not cost an arm and a leg. The "arms race" that is going on at present seems to be in Lotus Cortinas where they are lapping faster than they ever have (or ever did) and some people are spending insane amounts of money. This is something you want to avoid. The V8s are relatively inexpensive to run and will usually have you nearer the front unless it is really wet where the smaller cars, especially Minis, come into their own.
To me pre-66 is the way to go. The options for racing these cars is endless and the quality of the races as well as track time offered is excellent. I'd always choose a 1 hour race at a good circuit over 8 laps or 15 mins somewhere average and I reckon (although I never did the maths) that the cost per minute when you add in all your transport etc is about the same per minute of track time.
I'd not be worried about having a car and nowhere to run. Pre-66 will always thrive in my view and while I love the 70s stuff, there is much more to do with a pre-66 car and I can't see that changing in a hurry.
There are also things like Spa 6 Hours where a touring car has its own trophy and is one of the best races around. I'd challenge anyone to tell me there is more to do with a 70s car than a pre-66 touring car. No way.
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