From what I've heard old TT's are better as project cars rather than dailys. If you wanna build it for good power you'll have to do it right --- rip the motor out and rebuild it.
They can be wicked autocross and track cars when done right though... Grassroots had an article about a year ago detailing what to look for when buying one. You may want to look for the magazine on their website.
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1997 M3 Coupe - BMWCCA I-Prepared #22
2006 M Roadster - 23,000 miles and slowly counting
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