Theres nothing gay about miatas. Any car that comes stock with an LSD, double wishbone on all 4 corners, a steering ratio to die for, 4 wheel discs, 6 speed (its an option), blistien shocks, nardi steering wheel and a perfect 50/50 weight balance is hardly gay. Hell, the miata is more sports car then a mk2 supra (

flame suit on), and the 2nd gen ones look pretty sweet with the oem body kit too. I will say I don't like the looks of the 1st gen ones as much, but they have grown on me a little (they just need to lose the bug eyes). Anyways, all I have to say about them is drive one before you knock it, but be forewarned, you may like it so much you may consider selling your mk2 to get one (no I'm not joking and no I'm not ditching my mk2s for one, but some might).
Mike, whatever you decide to go with for racing, all the power to you, but keep the mk2. You have a driveway right? A bit of street in front of the house? A backyard? Any of the above? Keep your beater race car there and the mk2 in the garage. Keep it for shows and something fun to drive on weekends (something fun with the rear wheels applying the power to the ground, iow the jetta doesn't count). If you do what you say you want to do to a miata or such, it will not be streetable. Hell theres 4 cars in my stable, and I live in an appartment! I'm sure you can manage with 3.