Years ago I looked at an old Formula V that was used up but dirt cheap. There's definitely attraction for a cheap open-wheel race car.
However...
Safety is a major issue. I've been on track (in a street car) with formula cars and they truly are invisible. Since they are radically faster in the corners you're going to want to make a pass under braking but I think sooner or later you're going to get run over. Not to be negative or harsh, but I mean really run right over on top of you with minimal protection for your head. A formula car disappears right under the mirrors of a production car. Beware.
Also, while an Indy car has a ton of impact-reduction technology in it, a Formula V does not. If you get into a wall you have much less protection. The only serious injury I've witnessed in years was a Formula V and they driver pretty much destroyed both legs. Walking was doubtful even with 25 surgeries and years of rehab. Beware.
Formula cars are more difficult to drive. If you are a novice track driver, expect lots more spins in any formula car. It's not just the mid-engine but also the lack of weight on the front wheels. Low weight means tires can last a long time, but when they age out the cars get spooky.
I don't know where you are, but roofs, windshields with wipers, and heaters can be awfully handy even in a track car.
Formula cars are cool and a Formula V is cheap and sexy. Formula First is even better. But a stock Miata would make a way better "school car."
Good luck!