[racer]

Financially? no.. bad idea.. You need reliable (perhaps boring) dependable transportation. especially if, as you mention, "driving only 2x/week". imho, 20+ year old cars get more and more finnicky the more they sit.

Emotionally? Sounds like fun.

And then, the what ifs? What if the WP fails? Headgasket? the "new" clutch etc. Anyone of these failures will torpedo your bank account. how about even a set of tires? or shocks?

you are in college.. you should focus on that.. not stressing out over your old car.