GTwannaB wrote: OK, one more: Open Manta. 4cyl, 4spd, 4 wheel disc.
I've always loved the looks of those. In my punk youth days I got in a street race with a guy in one, and he managed to flip it. I dragged him out of the car, and the first words out of his mouth were "My dad's going to kill me. This is the third time I've crashed this car"!
My suggestion is obvious from my screen name. 
Mopar A-bodies can be had for cheap, especially the sedans. My Valiant comes in at around 3000 lbs. so massive power isn't needed. But if I wanted it ...
The Slant Six responds to classic hot rodding as well as modern power adders - perfect for the grassroots type. Depending on the chassis, headers are available, and there are quite a few intake options. And if you really think that's not enough, a lot of Darts and Valiants came with V8's - from the 273 up to and including the 426 Hemi.
Suspension upgrades range from junkyard brake and torsion bar swaps to coilover conversion kits and shadetree IRS setups.
And don't forget: Valiants and Darts have a racing heritage. Valiants won the short-lived NASCAR compact car series in 1960, and competed in rally in the 60's. Also, a Dart won the first over-2 Liter Trans-Am race. Then there's Rick Ehrenberg's Green Brick ...
Stock Corvair power plants are reliable and robust... and similar in performance to a lot of the Euro iron you're looking at. A stock 4 carb "140" engine hooked to a 4 speed is plenty of fun for the street and/or trackday/autocross toy. Plenty of brakes and the suspenion is cheap and easy to get into track form (which is still comfortable on the street). Not many other American cars form the era still mixing it up with modern stuff....
Few cars are cheaper/easier to buy/restore... the only real money comes when you start heating them up. But there are plenty of great buys out there, possibly with the mods you already want.
Bill
Just an example:
$3350
First gen Nova with a 327. One has done really well at Targa Newfoundland the last couple of years.
I vote Cricket. I want one a lot.
If you can find one, a Fire Arrow with the 2.8L engine, counter-rotating balance shafts, and ver, very quick. I had forgotten about it, until your post jogged the gray matter. Or, you could go the Bob Glidden way with one...
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