Well, one technical hurdle has been crossed - I've figured out how to start making code edits. This basically involved deciphering what Polyphony's loader program did on startup to decompress and boot the game's executable, reproducing that in tool code, then getting the game to boot from a later stage of the process instead, with the desired edits applied.
One thing I'd had in mind but couldn't implement properly without permanent code changes was revising how the Dodge Copperhead is handled in terms of buying and selling it, to solve some problems with the original implementation.
In short, the Copperhead has a price of 0, and there's a check on the buy car screen to grey out the buy button if the car's price is 0. This prevents players from buying the license prize Copperhead, but means that the car can't be sold. It also means that the car costs nothing to trade from another memory card, so it's possible for players to be tempted to buy as many as they can, which then effectively bricks their save because their garage is full of unsellable cars.
The way that I've reworked it is to change which field in the car data that the code checks. One field seems to be totally unused, so moving the check to that field instead of the price lets the buyability be controlled separately to the price. After that, it was simply a case of setting that field to a specific value for the Copperhead to make it unbuyable, and giving it a price.
It now costs money to trade:
And can be sold for a small amount of credits:
Don't take this as a sign that alpha 2 is coming any time soon, but at the very least it's one major step towards making it possible.