Mods I know there is a track section but this is an accumulation of owner experience that I feel will benefit all....
 
So 18 months ago I decided to get my MR2 on the track, I had wanted to for a couple of years but it all seemed so hard. In doing this I consulted many people, gained much advice and feel this should be put in one post to help others get this fantastic machine where it belongs. Others with experience please feel free to chip in your 2 cents.
 
First, an event to aim at. For me it was a Phillip Island practice day with PIARC, you will likely needs CAMS insurance (available through any affiliated club like say ....the MR2 Club...thanks FZero). Once you have an event, find out what safety requirements there are.
 
Fire extinguisher: You can get a simple mounting bracket made to fit between the slide rails on your drivers seat (thanks Firthy) and $20 extinguisher from auto store. Alternatively mount it however you want, just be sure you can get to it in a REAL hurry.
Bonnet restraint: You don't need bonnet pins, they seemed like a lot of work. I made up a loop of wire rope using holes under the leading edge of the bonnet and one on the bar over the radiator. I connect these with a Carrabina to race.
Headlights: Sticky tape over the lens covers is the easiest way to meet requirements for a shatter-proof headlight.
 
To get your car trackable:
Semi-slick tyres: I waited 18 months before lashing out for these and I sincerely regret it. Semi slicks will turn your MR2 from a trundling road car into a bona fide, Evo shaming weapon. If you have anything less than R compound tyres don't think these will cut it on a track no matter what they're like on the road. Personally I chose Nitto NT01's (thanks racing Steve don't know your last name) and got a set for my stock rims for $740 delivered from Tempe Tyres in Sydney. The rears are only available in a 45 profile but the smaller diameter noticeably improved the cars gearing for track work.
 
Brakes: Seems odd that to go faster you need to improve your stopping ability. Forget pricey and painful upgrades, for now get your stock setup working at maximum efficiency. RDA (club sponsor) make good slotted and non-slotted rotors.
A brand of brake pad called Intima SR (thanks Surok) perform incredibly well for the price and are tractable for both road and track, many other good brands available. Finally, flush your brake fluid with a high temperature fluid,  doesn't have to be the super pricey stuff I used BF287 which cost $10 a bottle. Having done this work I have received numerous comments from other owners about the braking prowess of my car.
 
Suspension: If your car is getting old, it may be time for some new shockers, I used AGX type from KYB, again there are many good ones. Remember brake and suspension upgrades are really helping your overall safety on the road too, good way to justify the costs to the wife.
 
Mechanical check: A week or two before tracking, take your car to the mechanic, tell them what you are doing and get the car thoroughly checked.
 
How your car will go: An NA SW20 has no business mixing it with Evo 7/8/9's but with some small tweaks, decent rubber and a bit of practice that is what the car can do (mind you the Evo drivers can't have been too good). After hearing so much about what a fantastic car the MR2 is, it is terrific to see and feel it deliver on the track. The tyres had epic grip. In the wet I was mixing it with an M3, in the dry I chickened out long before the tyres did on corners.
 
I hope this is of some use to someone, seems like there aren't a huge number of MR2s tracking and it would be great to see you out there!

Just a few comments in regards to you post,
 
Bonnet restraint: CAMS have updated the rule, for any 'road registered' 'production car' in a 'speed event' with an unmodified bonnet and factory 2 stage bonnet release (ie pull cord and then lever) is ok. 
If the car is un registered, or have aftermarket bonnet ect, or you are in an event higher then speed event, ie 'circuit' race, you will need 2 separate fasteners (ie bonnet pins)
 
Headlights: Adhesive cover ect is only REQUIRED in multi start races
 
Other thing to comment on, which i have seen alot of people to be caught out on is people with small 'catch cans'
 
Schedule B - 15
If fitted with any crankcase breather discharging to the atmosphere, each breather be vented into a catch tank of minimum capacity of two litres for engines up to 2000cc or three litres for over 2000cc. Regulations forcompetitions on unsealed surfaces may waive this requirement
 
So anyone with a catch can venting to the atmos, ie not plumbed back into intake, has to be min 2L! or for the 2.2L people, 3L catch can! So yeah, i need a 3L, which is in the boot!
 
For CAMS events, if you dont yet have a CAMS manual (rule book) then you can find it all here http://www.camsmanual.com.au/10_gen_req.asp 
 
 
 

Glad you had a positive result with the Nitto tyres. Its a shame they dont have a 235/45/17 for the front. They do work quite well on a damp track and only a few seconds slower than many cars on slicks so worth the investment. What pressure did you run? 
The Intima brake pads came from me then passed on to Surok.
Any video footage or times?
 
 

Thanks for the clarification WideMR.
B24, thanks for the recommendation on Intima pads then. I ran 36psi to drive them to track with the intention of letting them down to 32 for the day. I only remembered halfway through the day that I hadn't let them down but they were faultless so if it ain't broke don't fix it.
Best lap 2:10.9 solo but I didn't have a lap I was really happy with so I'm hoping to go under 2:10 next time. Also managed 2:11.2 with Ken (FZero) in the car, good thing he's not heavy...
PS: Are you Steve the race car MR2 guy??? 

Good post Shauny, with interesting info about the rear 15" tyre sizes, and I agree that the stock brakes can be better than some people may think, if properly maintained with good pads and fluid.
 
Track day or not, a fire extinguisher is well worth having anyway.
In front of the passenger seat, seems a good location that still allows the seat to adjust forward, doesn't interfere with passenger's feet, and is easily reachable.

^+1 My mate told me MR2 Bathursts came like that stock? Not sure but either way the positioning of fire extinguisher is perfect, as if they were designed by Toyota hehe
Great write up Shaun I'm def getting the bonnet tied down after hearing a recent issue with them flipping and that's a mad deal you got with the tyres. Any idea how they compare with other high perf tyres?

Yes mate, I am the race car MR2 guy. Its off the road but will be back soon.
The Nitto is a good tyre but when you push the tyre too much is does seem to go off. You then have to back off a little to recover before you can go again. This could have been due to high tyre pressure but not 100%. Will know more next time out. Next time your our, just try for 32 hot so start at 28 then work from there. Do you have a tyre pressure guage?
Fantastic to see you did some time at Phillip Island. Did the car move around on the main straight at high speed?
 

Thanks Tree I assume you're talking about FZero with the bonnet? He was lucky it was on the straight...
Regarding Nitto's they are the first R compound tyre I've driven but I couldn't fault them, B24 is probably more qualified to answer.
 
B24, yes got a gauge, I was running 20 min sessions going hard as I could and didn't notice any "going off", that said I'm sure you generate a lot more speed and G-force than me. Car was really stable at high speed (about 190km/h end of straight), sometimes felt a little light braking to enter turn 1 but was really solid once it settled into the turn.

I see you have caught the bug shaun

If it makes ken feel any better, a few hours later an evo met the same fate, though not on the straight unfortunantley. The next day when it dried out an evo was written off, and a 350z had a run in with a wall :s
 
Other things to consider:
- Assorted zip ties and race tape are a must in your toolkit for any trackday.
- If you have stick on wheel weights on your wheels, tape over them with race tape. The heat generated in your tyres and from your brakes on the track will slime up the adhesive backing, and can shift the weights, causing for some massive high speed vibration.
- Spare fluids can never hurt - the leftover new oil in the bottle from your last oil change can come in quite handy if you car burns/leaks/breathes out oil over the trackday.
- Make doubly sure all loose items are out of your car, and if you have a go pro, make sure it is secure - i've had a customer have their nose broken after a big off where their go pro came off and hit them in the nose through their open visor of their helmet.
- Remember to be respectful when out on the track, if you have a far faster car behind you, do the right thing and move off the racing line to allow them to pass - nobody likes someone that treats a trackday like a door to door championship.
- If your car is tuned, maybe get a power run done before you head to the track, and when your at the track, put some octane booster in for an added safety margin.
 
Most of all, have fun, learn your car and your abilities and make friends.