Low cost = brushless + LiPo. Racing with 15 year old obsolete electronics isn't what most people want to do—we proved that with the USVTA over time. It's Pollyanna thinking that entry-level racers will be able to pick up old chassis and gear and go race for only a few bucks, but it isn't realistic to think that people will flock to a new class with vintage bodies and run old technology electronics just because they are cheap. It just isn't the reason that people are drawn to a class like this (potentially).
Cost-effective racing today is no maintenance motors, low maintenance batteries with low-wear tires and high quality track time. Slow speeds to level the playing field, low downforce to make it not about body selection or aero factors, and drivable cars that everyone can enjoy.
Sounds like a formula that has already worked at least once.
Rob, you might be on to something with the Mardave chassis. Now, if it were only readily available in the US.