I live in Europe, Sweden to be precise, and Corvettes don't come cheap here. I searched the biggest adsite now, and there were only four Corvettes available below (equal to) 7500€. The cheapest one at about 4800€, and the description said "driveable" - hardly encouraging...
About doing it the right way, that is exactly what I am trying to make sure he does. Although it maybe doesn't sound like that in everything I write, I am trying to find good and safe ways to realize his ideas - and to tell you the truth, they are sometimes high up in the clouds... What I write here is a mix of what he wants and what I think is suitable and/or reasonable. I ask these questions partly to find good solutions, and partly to have good arguments about the things that just aren't going to be possible even if he wants it.
The Youtube movie sure was about a cheap car, but you know how hard it would be to pull that off.
Front wheel drive might be most efficient, but not an option. Not good for acceleration from low speed, not very good for high power, not suitable for fun on the icy roads or frozen lakes in winter... Basically, not suitable for a car that is going to be used as a toy.
Lowering the roof, covering wheel wells and such will not be done. As I said, the car is supposed to look similar to the standard car, a sleeper if you will, not something that everybody stares at when you drive through town. Minor visible modifications, such as a wing, skirts or whatever a 18-20 year old may do to his car, fine, but nothing that screams "Ferarri killing monster" or "this car is nowhere near road legal, pull me over and start writing the tickets".