hi buddy,
before the supra i was a bit of a mx5 nut.
i had a 1990 1.6 stage 3 turbo running 440cc supra injectors and a MS2 standlanone ecu, 250HP at the wheels and just under a ton it was rappid.
As a stock car they are perfect for what you want. yes putting some coilovers on will definatly improve the experianance.
On the pre 1992-3 1.6 they didnt come with chassis bracing so the steering wasnt quite as sensitive and the chassis wasnt quite as ridgid but it wasnt an issue and is so simple to upgrade as the mounting points are all there for the braces, in fact i used to make them.
I used ot be a member of 2 forums and still am one was MX5nutz simular forum to this but all mx5 related you will find all the info you need for everything.
And the main one i used was Phoenixfives this is a west midlands based club but i have to say is the best iv ever been part of, its not huge but everyone is so freindly and has much more of a personal touch.
Infact theres a few pics of my car around too it was a black urban camo mk1 1.6 turbo with a side exit exhaust.
It may of been mentioned but the only issues i ever had was a slight water leak on the thermostat housing as theres a strange t peice for the hose to connect onto and in order to change the housing you have to remove the cambelt and engine covers behind that, but it was a pretty unusual occurance.
They are prone to rust especially around the archs and sometimes on the a piller. oh and the sills.
Engine cant fault them, iv run mine low on oil low on coolent and they kept on going. (didnt know this at the time) like said so cheap to fix oh and they are not interferance engines so if the cam belt ever did go there would be no damage to the engine, just to your pride as you get taken home on the back of a truck.
my recomendation go on phoenixfives and say viper sent you, they will welcome you with open arms.