It's alright like, but if the lightweight matched with a VE is all that draws you in....why not build a kit car with a fully built VE?
I don't know what the rules are in the US for cars like these, but you can buy off the shelf kits of these cars and build them yourself...just use the engine of your choice. Most people use 2L Ford Zetec + ITB's, which make good power in a 700kg car.
There is alot more companies that do it, but Caterham is the most popular and uses the famous Lotus 7 design.
Caterham Cars - Designed for racing, built for living