You can't get insurance for your car while it's involved in racing activities. You can get insurance for the trailer and the car while it's not involved in racing. And if you are interested in life insurance, I recommend getting it before you start racing. If you race, you are obligated to mention it and that will increase your premium if not deny you coverage entirely.

An IP car can pass inspection as long as you have a catalytic converter. This will decrease your power so the car will be uncompetitive. You can street a race car but you'll have to make a ton of compromises...namely safety. If your head hits a rollbar at 10mph it can be a fatal accident. Rollbar padding will help just a little bit.

You can run Stoptech brakes but the stock brakes are perfect for club racing if they are in good condition. You just need new rotors and a good race pad, fluid and you're set.

Suspension....can't comment as I don't know the current rules.

Toyos would be fine as a race tire but you won't be competitive. To be honest, your car (or you) won't be competitive in IP no matter what you do to it. There's too many expertly tuned/built IP race cars being driven by really good drivers for a rookie to be competitive. If you want to be competitive, give it a few years, find $50,000 for upgrades and driver coaching and hope for the best.

A rebuilt engine is a nice thing to have and I'm shocked that anybody is giving a warranty on it. I'm not up on the latest on engine programs but Sunbelt/Bimmerworld was the leader a couple of years ago. Probably a safer camshaft (less BOOM) but less power might be a standard Schrick cam.

Hope this helps.

2005 Audi Cabriolet 3.0L aqua/tan
2007 VW Passat Wagon 2.0t black/tan
1998 BMW M3 Sedan black/black