There are a few people building and running MR2's for various motorsport disciplines out there.
This is a leader board for MR2 lap times throughout the country:
Requirements: Model, Weight, Power, Lap time.

Click HERE to access the leader board.
Each track has it's own Excel sheet (selectable at the bottom of the window after you click on the link above). 

quote:

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Originally posted by B24

I have been checking the Improved production website finding a under two litre naturally aspirated Honda Prelude Sports Sedan running around Phillip Island at 1.41.

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2l sports sedan record is 1:39 with an Rx7 but those cars so far divorced from the original who knows what weight, power or tyres its got? http://www.piarc.com.au/files/PHILLIP%20ISLAND%20LAP%20RECORDS.pdf

As for what an MR2 can do, how much do you want to spend?

There was an old thread here that had some laptimes but its probably disapeared into the ether by now.

I'll put my lack of wikkid wheelman skills out there.

87 AW11supercharged targa.
1100kg + fatbum driver.
87 rwkillerwasps.
Toyo RA1s
no class.

2:05 PI (handtimed)
1:39.7 Sandown

Car - '91 SW20 GT Turbo Coupe
Weight - ? heavy
Power - ? 170ish atw maybe
no cage
Chassis tune - Prothane bushes and king springs
Tyres - Toyo R888's

1:07.51 Symmons

Car 92 sw20 gt first outing Wakefield
160rwkw
Tyres Dunlop do1's
Weight 1200kg
Track Damp
Time Pos 7 Car 29
http://www.natsoft.com.au/cgi-bin/results.cgi?23/11/2008.WAKE.S5

sw20 ttop gen3 Turbo (ct20b high flow - std cams/valves)
carbon/kev bonnet and ttops, madpsi lip, ASK Engine hatch
weight ~1260 (inc fluids,half tank fuel)
power atw - 210kw @15psi
times: Eastern Creek 1.50:41(today on Kumho V70A 16"rim)
times: Wakefield (pre resurface) 1.10:08 (R888 on stock 15" rims)
oran GP/south - no accurate times any outing due to mechanical issues

stock springs/shock with whiteline sways
half cage

89' AW11, Bigport/TVIS 4AGE + Pod Filter - Stock Power
Stock Weight + 90kg driver
No Cage
Stock F/R Swaybars
205/45R16's, Toyo Proxes4's Front, Random Trampeo's Rear
No Class

Oran Park GP (First Trackday) - 1:35.852 [url='http://www.natsoft.com.au/cgi-bin/results.cgi?08/09/2008.ORGP.S1']Natsoft[/url])
Wakefield Park - 1:22.183 ([url='http://www.natsoft.com.au/cgi-bin/results.cgi?13/12/2008.WAKE.S4.Y']Natsoft[/url])

CAR: 1997 MR2 Bathust.
Weight: FATASS SW20
Power atw: about 96kw lol
Cage or no cage: no cage :)
Chassis tune: umm KYB strut inserts.. EBC greenstuff pads, rda slotted rotors
Tyres: RT-615s
What class the car runs in: NONE
time....
WAKEFIELD PARK 1:20.39

Thanks for the feedback people.
So I should be able to meet my target of 1.08 at Wakefield by the sound of it.
There was footage of the ACT MR2 trackday which was loaded up recently. It was good to see how they behave on the track although I suspect they were running street spec tyres. Good little video.

Hopefully I will have the car ready by the end of the xmas break so I can give it a run and give some feedback on the car

cheers

Might i add...
i had NO instruction at all.
so i think 1:20 is cool for a first go.

Weight: 1230kg + 60kg driver
Power ATW: ~250ps
Cage: No
Chasis tune: strut tower bars, front & rear sway bar, coilovers, RCAs, pillow ball end links, castor rods, TRD rubber bushes.
Tyres: Dunlop Direzza DZ101 F: 215/45/17, R: 235/40/17
Class: None

Suzuka Circuit: 2'58"
Central Circuit: TBA
TI Circuit Okayama: TBA