I beat my non-turbo FC regularly at autocross and it keeps coming back for more! If you are looking for one, get one with 5-lug wheels, as those have the more powerful brakes (vented rotors all around, 4-piston calipers up front). You may need to rebuild the calipers though as at their age they tend to stick. With stainless steel brake lines and upgraded pads the FC stops pretty well. The brake master cylinder has a tendency to flex on the sidewall. If your rules package allows it, you can make your own stopper that mounts to the driver's-side strut tower to minimize movement.
Use synthetic in the gearbox and differential. The 86-88 GXL, 88 GTU, and all Turbo models came with a clutch-type LSD from the factory, the extremely rare and desirable 89-90 GTUs (note the little "s") came with a VLSD, the rest had open diffs. If you do a V-8 swap you might want to upgrade the diff and axles to Turbo parts. The rear subframe is a PITA to drop, but you don't need to remove it for most jobs.
Before tracking an FC, make sure the cooling system is in good shape and get a real water temperature gauge. Overheating is the enemy of rotary engines. The 86-88 (a.k.a. Series 4, or S4) water temperature gauge is linear but slow, so by the time it gets to the upper temperature range you may already be doing damage to your engine.. The 89-91 (S5) gauge has three positions - cold, normal, and your engine asplode.