For $10k you can have a Lola 340 Forumla Ford:
Now that sounds like fun!
Yes, I too am considering jumping into a formula something - either VW or Ford. With a Forumla Vee, I am sure that a 1.8 turbo or 2.0 VW powerplant can be made to work - as long as the chassis is upgraded as well. As for the Forumla Ford - a Zetec motor would work just fine...
-Z-man.