One more question: How strict is the time and speed regulations? I've done a small amount of testing and I can get the car I might use up to about 168 MPH (depending on how good of a run I get going around the last turn) and it is a couple seconds slower than the time limit. If the regulations are considered Gospel then I might need to do a crazy amount of testing into finding a car I could use; but if they are allowed to be bent by just a touch (3 MPH) then I can get on with tuning the car instead of spending all of my time testing a lot of different cars through trial and error.
The limits are strict. You shouldn't exceed the speed limit. You shouldn't beat the target time.
Now if you have the "mother of all golden runs" out of the last corner and you tick one above the limit and can't reproduce that for the life of you then forget it happened. But if you regularly are 3 mph above the limit and still well under the time then you need to re tune or swap models. Can you use a good tune (suspension/lsd) to get your car better in the corner so it can go slower on the straight (lower power) and still get close to the time? Often, just drop the power... the car gets easier to handle in the corners, more consistent and sometimes even faster in corners, but it's top speed will suffer. Or add downforce... that should slow you on the straight and add corner speed/grip. The final option is to go softer compound on the tire which is there for those situations where it's the only solution, again to impact corners without too much impact on top speed on a straight.
If you are close you can work on the car to achieve it without ditching it and starting over. If you are way off then you need a new car that can get you to the target.
Also, you will naturally find yourself getting faster with practice... maybe you'll have to turn down the power just to stay under the lap time limit. Right now you should plan to be over the time by about a second because you will improve quickly with practice in the early parts of the learning curve.
Ultimately, you have to make the call if the car is going to work within the limits.
PS> Also another note for all drivers new to parity. You need to practice and get in range of your limit. If not, you'll show up on race day and get faster every lap. You'll have to adjust between every sprint and you might even pull away from the pack. That's not what this is about... These events aren't meant for last second sign ups... they do take some time to prepare for. But if you do, you are in for a fun treat. They are awesome if you bring the perfect weapon and can consistently be very close to the lap limit. Expect to be bumper to bumper very often. Expect to battle with drivers you normally wouldn't see on track. Expect to battle someone new on every sprint. It's unique, light-hearted and fun as heck đź‘Ť