Street legal champ car?

Has anyone tried to build a street legal champ car? It'd be almost like a rail buggy but with a slightly different layout, almost resembling a Formula 1 car. It'd be like a street legal go-kart with the wheelbase and track of a regular car and an actual suspension system. I'm considering something like this using a Yamaha R6 motor I can get cheaply. I'm not looking for plans or anything, but any advice would be helpful. My biggest challenge is going to be choosing off-the-shelf components to keep cost to a minimum. Having nearly completed a bachelor's in mechanical engineering will be quite helpful too, but at the same time I'll have to work this around my classes. I have a lot of reading to do, especially in suspension and handling.