I've seen these words come up a few times and after checking out reddtarga's car I started to ponder if the stock oil system was adequate for track driving on semi's aka more than 1g's. I'm probably overreacting here but I think with good suspension and decent brakes with semis on an MR2 it's capable of achieving over 1g even just a little. I've heard it's costly tho and to be honest I think it's overkill for a mostly street driven car (with high limits) but the risks are still there lol
I also read a certain article were they said there was barely sufficient oil in the sump :S
Maybe there is a less hardcore and cheaper version short of going dry sump? Does your electric pump work while driving too red?
Thoughts?

Dry sump setups are very, very expensive. There are other options such as enlarged sumps with baffels. Look up baffeled racing sumps. You can also do various differnt sump shapes with modified oil pickups etc...
I used a baffelled race sump with windage tray one of my race cars.

If your super worried, you could always look at an accumulator, they are much cheaper then a dry sump.
http://www.moroso.com/catalog/categorydisplay.asp?catcode=13600
 
Basically it's a pressurized oil canister with another 1-2L of oil. If your engine oil pressure starts to drop, it starts feeding back into the motor. This will help out on those tight, high G corners where the oil pump might suck a bit of air for a second or two.

"Does your electric pump work while driving too red?"
It does and it is controlled by the oil temp sender to pump oil through the cooler,but I didn't fit it specifically for what you are worried about.
In that respect it would not help, even though it increases the total oil capacity by a couple of liters.
 
"Maybe there is a less hardcore and cheaper version short of going dry sump?"
Yes for what you are worried about, as Knightrous says an accumulator would be the cheapest way to go. 
In the meantime just keep a close check on your oil level, and pay attention to your oil pressure and oil temp gauges.
Check out:
http://popular.ebay.com/misc-a-b/accusump.htm
 

id also recommending that you run a slightly bigger sump when you use an accsump, particularily when 2lt or bigger. if fitted with the pressure sensor and electric valve, they only refill the accumulator when you have sufficient oil pressure. if you have a time when you go through a long corner (ie. the first boob at winton, they can pump 2 litres into the engine, and until the accusump fills back up, you have that extra oil in the pan, which can cause its own problems. so consider an accusump in conjunction with or after you have a bigger baffled sump.

That's for the tip MCT, will consider this for my 1MZ.

no worries. And another thing is when you run the electric solenoid models, when you key on, they dump the oil in, so you start with instant oil pressure, which will help engine life in the long run.

I'll probably wire the oil valve up with the fuel pump since it would follow the pattern of usage.
I was just going to look at the manual valve, but I'd forget to turn it on / off.

Shmaozaow thanks for the replies everyone! I guess I wasn't overreacting then but wonder why it took me this long to find out about this stuff considering how oil is the life blood. I'm gonna have a look at all your suggestions and go for cheapest + easiest (as opposed to hardest and more expensive) without cutting corners but so far accusump + modded sump/baffle is optimal. Also having that electric solenoid is a great idea MCT since engine wears most during start up which was the real reason you put that electric oil pump on if I remember.

If you are taking the car to the track, don't worry about engine wear.
Mine doesn't have any baffles or the likes and it's working fine but will consider something when corner speeds increase. The electronic unit looks like 'the way to go'. The Gen 3 seems to have some oil surge management so you engine will have the same or better. It will be enough for what you plan on doing.
There are cars running around doing 1.08's at Wakefield all day(1.38 at Winton) with no mods to their sump with no problems. When you get down to these times, you could look at something.  If anything, just add some more oil when at the track, then drain that added component out when you go home.