200 hp? Well, I have about 200 hp in a Spyder. 0-60 mph is right at 4 seconds with 205 60 street tires, can't do a hard launch with street tires, 60-100 is also another 4 seconds, and the unofficial quarter mile is slightly below 13 seconds at something over 110 mph. 1st and second gear are hurt by lack of traction, street slicks should greatly assist. 1st gear in my car is 2.65:1 where most VW based tranny's are more like 3.80:1. So, my first is more like your second gear.... 0-60 in first gear however.... 4th gear is .93 to 1 and I have a 3.44 RP....none of the gearing will matter if you go with a Toyoto engine, you will need to gear for its power band...
Anyhow, it is fun, and I am thinking if 200 hp is this much fun then 300 would be even more.....
Even with just 200 hp you have to be pretty careful in first. It will hop out from under you in short order if you are not on very good asphalt, or pointed straight down the road. Even 3rd gear will spin the tires in a hard corner, which will wake you right up...but you can dirt track corners on asphalt which is fun.....don't think I would try that in a Speedster however...and I have owned 2 of them, one with 160 hp which was enough to get in serious trouble in corners in particular....
If I were to do it again I would move to a 3.88 RP and also LSD... and more HP. In a Speedster, I would be planning on a lot of suspension improvements with sway bars and the like as mine were downright dangerous in handling when really pushed....by the way, I highly recommend IRS for 200+hp Speedsters...much better than swing axles...I had one of each...