I think it could be a close if you are a good driver with your car. I squared off with a mid 90's camero 3.4L V6 and I was toe-to-toe with him he had a VERY slight edge on me, so there is hope...
I have a 96 miata alongside my P5, and the miata will be a b**** to beat. The power to weight ratio is all there. Also NC_MP3 has a good point about the miata being rear wheel drive. If you do race, good luck!
my personal opinion? STAND BY FOR AN ASS WHIPPIN! ...... course you could get lucky and the guy can't drive for crap.....either way....good luck.....just don't be surprised if you get OWNED! and get all the crap you were talking about from the other club members.