From what I've read before it's heavy and a bit lacking in the durability department. But if it's what ya got and you and your buddy want to race, hit the track. No reason to let the car stop you. As far as being race legal with the engine and tank as said above, that stuff only matters if you're going to a big race usually. I've yet to be at a club race where they've stopped and looked at somebodies car. What's the point anyways when half the guys are running $280 motors that will outrun many of the lesser bigger motors and be more fuel efficient anyways.
So what I'm saying is go racing, and have fun. If down the line you think the car is holding you back for whatever reasons then upgrade. Run what ya brung at first, it takes a couple years to learn how to get around the track good anyways. Have fun.