It will require zero changes to physics and take up about zero disk space. Coding time is the only thing it will require. How do you think PD makes cars in the game? They enter parameters. All they need to do is make it so that you can make a new car model file and enter parameters. That's it. Not even close to 100 cars (unless people want to be able to sculpt their car's bodies down to the most minute detail).
I'm just curious... how many commercial 3D racing games have you worked on as a developer? Or how many 3D games in general?
How do you know PD simply "enter parameters", and don't embed the parameters into data tags in the model files, or use dummy objects to include parametric data? Have you ever seen the models for the Richard Burns Rally cars? There is a lot of data already built into the models. Build a car to scale size, and a lot of calculations are done for you, no parameters required.
With the chassis modification, you are talking about changes on a vertex level. The only vertex manipulation the game does, is force calculations on impact to deform body panels, nothing else moves to that extent. There certainly won't be chassis deformations, the model won't have been built to cater for that. And the fact is, you HAVE to build the model to cater for that. You don't get a model with the flexibility to do anything you want with it, that's not how car models are made.
The best you would get, is a set of pre-defined chassis templates, a set of corresponding body shells (and maybe a few variations of bodystyle), but those bodyshells will take standardised wheels and tyres. You'd be able to choose engine parts and tuning options, but they'd make no visual difference to the car.
All it would end up with, is everyone racing the same shape car (whichever looks coolest), with the same tuning options (whichever goes fastest), in different coloured bodyshells. The time to create the mode, and for the game to be able to work with custom car data, would be too excessive for the limited results it would achieve. Trust me, I've worked on nearly 70 commercial games, what you ask for is impossible, beyond basic building blocks. You can't just throw in a design mode, unless it was planned for in the design concept.
They could achieve exactly the same thing, by expanding the parts section to inculde powertrain options... but it won't happen.
As for your note in the first post, you haven't explained the coding side of it at all. You have made presumptions, guesses, pure speculation of how the game works... nothing that would class as a "coding explanation". But please, feel free to elaborate on that section... I'd be interested to see it. Don't be afraid of going too technical in it, I'll understand.