Well, my wallet is now at close to maximum on what I want to spend on this car.
But everyone has provided some great information on what I need to check when/if I dig into this motor. John at FF has called me and wants to look at my engine and will diagnose for no charge -- I will take him up on his generous offer. Once the exact cause and resolution is known, I'll go from there.
Here is my video (5-6 laps 1st session of the 1st day)
Click Me
Please no comments on the driving, 1st session, just warming up in a car I have very little track experience in (I'm well aware of being way off apex and brake zones). I was running 7/10ths effort, car has considerably more in it and I hope some day I can find out what it really can do.
For reference the shift lights are as follows:
Gears 1 - 4 - 3 red lights = 8,000 rpm
Gears 5 and 6 - 3 red lights = 8,500 rpm
there are 3 red lights set to 300 rpm increments, so 1st red light is 7,333 rpm, 2nd red light is 7,666 rpm, 3rd red light is 7,999. Rev limiter is set to 8,500 rpm.
So as you can see, I wasn't really pushing the motor at all.
P.S. updated the link direct to WMV video file, should work better/faster now.