A lot of the engineering schools do a thing called formula sae where they do a similar thing. I'm sure they spend more money on it than you'd want to, but you'll be able to get some ideas. they use a 600 cc CBR engine on a go-kart sized chassis along with some fairly advanced suspension set ups. here's a link to virginia tech's team page. http://www.vtmotorsports.com/ Goodluck.