Realistically a LS motor with all the computer controls is a good choice. You can auto tune the car as you are driving it with a laptop. If you are going for an all out race car, its the way to go.
The problem with doing that, is a lot of gray area in the fan base. If the car is done right and respectable, then I would think people would accept the car for what it is. If you hack everything by making a fugly mess of the project and cut corners all day long, then I'm pretty sure you will be shot full of holes.
Think about the project at hand, build what you want, but be prepared for a-holes and opinions.
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