The 111R RM is even more of a beast. I think it gets around 320 HP when fully broken in... it tears cars up on any track with a straightaway anywhere less than about 1/2 mile?
If you end up picking up one of the Elise's and RM-ing it, perform the racing modification BEFORE doing any other mods to it. It doesn't make sense to buy upgrades that it's going to have to re-buy for the RM.
And don't forget to oil change when you first get in.
The RM-ed NSX 91 is also a beast. Lion's Den Performance has a GREAT tune for the
NSX RM on page 5. It has 422 HP broken in, so maybe you get a sport intake and exhaust to lower it a little. (Don't forget that you can remove any mod and/or downgrade but rigidity, engine staging, and weight changing.