I think the biggest problem you will have is meeting the insurance costs. Why not compromise with a 1.4 - take off the badge and your mates will never know
Without being too harsh and just making generalisations based on my own experience - you will probably crash the first car so make it a cheap one initially as getting back on the road can be really crippling.
A 1.4 will still give some tuning options as well like a fast road cam, and sports exhaust but stick with a panel air filter.