You may as well use the rules to your advantage and go much bigger with your tyre sizes. You can easily get a 265 in the back of a SW20 even in Clubsprint, so go further because you can and run the 295 you're allowed to on the rear and go even bigger on the front as well.
If you were trying to build a car for Clubsprint these sorts of things would not be on the table. But as you're going for Open class i would be taking everything to the extreme of the rules rather than "this will do"
You're correct with the weight factor, has been some time since i perused the rulebook.
A arm would be awesome but is sooooo much work and the gains although there would be better spent elsewhere (all the fastest MR2's in the world still use macpherson strut front and rear)
Goodluck with the build and keep posting updates.