Just because there are 'plenty' of 500 hp fwd cars on the road doesn't mean it's a good idea to have one. Most of those would be what we'd consider to be rice (hollowed-out civic with flames coming out of the exhaust comes to mind) and almost all of them would be on cars FAR better designed to handle this type of power (aformentioned, DSM twins, etc.)
So if you want to blow your engine (forged internals was mentioned as an afterthought) not to mention your wallet... go for it. You'll have a car that, once (if) it gains traction will be able to go REALLY fast... in a straight line. but go through the twisties and you'll be laying off the gas about as much as the blue haired lady that rings out out at wal mart. with all that torque steer (not to mention understeer) the car will be a sloppy mess in almost all conditions. Did I mention all this is gonna cost you a shitload of money? lol If you want a car with that much power... be smart and sell the MSP and get yourself a... I don't know... WRX or Mustang or Camaro or.... s***, there's probably 50 cars that are better choices for this. but good luck. we're all pullin for you.
if you think MSP's sucks and WRX, Mustang's or Camaro's are better, why do you own an MSP then ? have you been in a High Powered Protg before ? , I've seen a few, CWILL, JOMO etc and been on SuperProtege , all i can tell you is that you really have no idea what these cars feels like, and what they can really do, based on my personal experience i love how the Msp's handles and any modded Protg feels in every aspect, how they look. i have no traction issues and much less is a mess in any condition. when you seek for high HP numbers you have to take care of lot's of details to take that power to the ground. Good Motor Mounts, Good Suspension, Wheels and Tires, Drive Axles, Better brake Pads and Rotors, good and better Brake Lines etc. there are lot's of Fast Daily driven FWD cars with big Horsepower that are kicking mayor butt to those cars you have mentioned above, i don't see a Mustang or a Camaro better than a Modded MSP Protege or Protege5, and much less a WRX. i respect your opinion but i don't share or agree with it. if you are looking for a fast daily driving car you need to spend s*** load of money anyways don't matter what car you choose to start with. and you really don't need to spend that much money to have a fun fast MSP, you could make your MSP a true Street killer, with Coilover Suspension, or Lowered Springs, some Stainless Steel Brake Lines, Cross Drilled and Slotted rotors and some nice brake pads, a nice 3" exhaust, a good intake system, a FMIC or a Methanol injection kit on your Stock SMIC, better spark plugs, better clutch like an ACT Heavy Duty Pressure plate and Performance Street Disk, it all depends what you are looking for to have, I'm pretty sure everything i have mentioned above can be done by your self to save money, except for the clutch which is a pain in the butt to do... it all depends of what you want to spend and what you are looking to have. you don't really need a 500HP car to have fun, and much less you need a WRX, a mustang or a Camaro to have fun.