Vince,
I'm not too far ahead of you in this game of racing IT; I've been trying since August of 2004 . I don't know about your local support network, but one thing that has really helped me is that I've got a "family" of local racers who are bringing me up and exposing me to a lot of different things in a short amount of time. As such I've been able to start building my Jensen Healey, built one Spec Miata with a friend, about to finish a second Spec Miata, done a few races including a 13 hour with the Miata I built, and spent a lot of time fooling around a cantankerous 260Z and rather obtuse TR8. It has been fun!
But when I look back on it all I can clearly see all of the activities didn't result in my primary goal - getting on track, racing, and becoming a better racer. I did become a much better mechanic though, and the decisions I made with respect to my goal of racing were clearly my own. However, you need to carefully consider your path so that you achieve your goals in a reasonable amount of time. Positive re-enforcement will keep you coming back for more, negative results will frustrate you - I've been there with the latter feeling a number of times! Although this is a hobby, a lot is at stake here. Money, time, personal relationships all play into the cost of racing.
You are embarking on a big task, that is, building a competitive car for ITS. I think the 944 can be a top car in ITS and I've seen one race from the NE (I'm in the SE) that I felt was very well prepared and I hope to see it running at the front in 2006. But, you are getting ready to spend a lot of money building a car and it'll be awhile before you see some seat time.
A number of people cautioned me to simply purchase a running race car and get some experience and seat time. I eventually did this with the help of Jeff Young here on the forum because it was apparent to me that while I liked building cars, building a car uses a lot of time and money and delays your on track experience.
I think a couple of folks here have suggested getting a Spec Miata and running it in SM or ITA. I would agree. Jeff and I have just helped get three new friends into racing (they attend school in two weeks) and they purchased a SM for $7000. No, it isn't a top runner, but it is solid, will get one of them through school, and be racable in 2006 either in SM or ITA. ITA is, IMHO, the most competitive field and having a car there would be a lot of fun. $7000 is barely going to get you a good custom cage, mechanical work to fix issues, springs/shocks, tires, graphics, seat, nets, gear, transponder, harness etc. for your 944 - even if it will get those things, and I doubt it will. $7000 doesn't go far when building a car, but your dollar goes a lot further in RaceLand when you are buying someone else's car.
And, of course, there are RX7s and other cars out there for reasonable money too. Purchasing one of them can certainly get you on track quickly whilst you sort out how to proceed with the 944. I like the idea of building a 944 for ITS, it'll be a good car. But it is going to take a lot of development, money, and time to run upfront. Heck, even to get her on track is going to take some decent amount of coin to achieve.
I'm not really trying to tell you which way to go or sway you. Just wanting to relay my experiences to you and maybe provide some guidance from someone at essentially the same point as you. I think if I were to do it all over again I'd probably go out and purchase a teched and running race car from a racer and start running it. Then, whilst I was doing that, I could decide what class I wanted to race in and pick my car accordingly. I don't regret my choice, but when looking at the big picture my choice was not the best one to achieve my ultimate goal - get on track and start racing. Seat time is king.
Ron
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not one of my virtues). I was ready to race yesterday 
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