[Britwrench]

Sure anything is possible and it's already been done, more than a few times.
So if the basis is it would be better at the track because it's not usuable or not so good to drive on the street anymore, someone turns up in a WRX and drives past waving out the window, all that effort is wasted isn't it?
Engineering a car to be faster, better and more drivable does not mean going and buying what everyone else does without provable results. Bearing in mind, the most positive change you can make to the 944 is the suspension..because it was designed to go round corners that's the place to start. 944's were never outright quick cars, that was the 951s place in the line up.
They do handle and corner much better than most people think. Having been in the automotive business for street and race cars for way longer than I would care to admit, most of the aftermarket stuff doesn't do anything for me anymore.
Changing a car compromises what it was designed for, so more power = gear ratios are now not optimised and so on. At the end of the day, as Dantilla says, a good driver will be both quicker and smoother than a badly set-up modified car.

And when was the last time you actually drove your 924S?