I'll keep a record of the build/reconstruction of my M3 over this winter as it transforms from a slightly improved JS M3 to a much better built GTS Challenge car.
Target weight w/driver: 2650lbs
Current picture is when I raced it in July at Mid Ohio - NASA GTS Challenge.

Here are specs as it was last run:
Engine:
Stock US 2.3l w/Mahle OEM +0.2mm overbore pistons
IigoMotiv chip
SPG Motorsports Original C&R aluminum radiator
Suspension:
AST 4300 triple adjustable remote reservoir dampers
700F/400R springs (true coilovers in the rear)
ST 22/19 sway bars
Vorshlag camber/caster plates
Drivetrain:
Stock trans/clutch/flywheel
4.45 diff (I think it has 40% lock)
Kosei 15x8 wheels w/Hoosier R6's
Stock brakes, Hawk HT10/Blues (F/R)
Body/Interior:
MAShaw CF hood, all other panels stock
Doors gutted (no glass/motor/mechanisms)
Basic 6pt cage welded cage, 1.5x.120 (to be removed shortly)
The car was set up to do some supsension testing at Autobahn Country Club near Chicago in early November. The current build state is not optimized at all but rather I removed weight so that it would be close to the required weight for NASA GTS2 next year which is 2650. As pictured below (I removed the stock mirrors after weighing) it weighs 2414lbs with ~1/2 tank of fuel and stock rear decklid (friggin' heavy).
On my list of weight reduction to go is roughly 160lbs of stuff so still plenty. Here are pics I took today, 1/8/08, to show the current state before I start the complete teardown.
BTW, never mind the blingy CF hood and Henna decklid w/primer wing....all that stuff will be painted Salmon Silver to match the original vehicle color.
