Lack of torque and light weight is never a good mix for burnouts. Add semi slicks and you won't exactly be winning any competitions.
TC off and dump the clutch - it WILL wheelspin. You'll barely be able to hold it on the brake before it hooks up though. And don't be surprised to feel the back end hop/axle tramp as the tyres grip.
Gotta love Lotus... they sure know how to keep a car gripped up.