As much as I would enjoy planning out modifications and driving a SC 300 5-speed, I'm leaning towards the SC 400. The reasons are very few, and mostly economic:
First, I'm building a home through this fall.
Second, the SC 400 V8 should be reliable, roadworthy and luxurious enough to really enjoy owning it for a long time. Later, a torque converter, BAB and custom exhaust may move it close to 300 RWHP at a very impressive total price for such premium quality. In a 4-seater sport coupe, that's a very acceptable, high performance ride in my book. Plus, as all Lexus SC's are, it's a beautiful and inspiring car. I found a exceptionally clean 96 black on tan SC 400 w/80K equipped with stock chromes and a Nakamichi for 11K (lost his job and simply wants the loan payed off now). I looked everywhere and that appears to be a really good price for a stock 400, and resellable to a large market without a big loss. I heard the variable valve control on 97 and newer has to have regular oil changes to avoid oil deposit sludge build-up...with a 96, I can feel a little safer without paying the certified Lexus price at a dealer.
And third, I may keep an eye out for a exceptional Supra TT 93-95 with a OBD Type I. They can be safely and easily modified to +/- 450HP for a few hundred. I missed the best deal I've seen in months from a domestic new car dealer asking only retail (about 14,500) for a 94 gray 6-speed TT trade-in (very rare deal, stating "we only ask bluebook for other manufactuer's trade-in's"). It was sold in 3-5 days.
I test drove a new 95 Supra TT... rolling start from 20-100 mph + floored to redline shifts then flooring the ABS to feel it track perfectly straight and off immediately again to 100 shifting from 3rd into 4th...the salesman disappeared immediately somewhere when we arrived back at the showroom (maybe it was his time to get off? ). I've admired the TT tremendously ever since.
Plus, I have a feeling Toyota may not be able to hold out much longer. To recapture the high performance market, they need a new sports car to run away from the Z, G35, BMW's M series, and compete with a mid-high end Porshe and Corvette in the 30's price range. Toyota/Lexus is capable of producing awesome machines. Some "gentleman's industry agreement" limited Japan's stock HP output at 300 or below for years. I heard they may break that agreement, and read about a 400hp gas/electric japanese hybrid with 40 mpg in Autoweek a couple months ago. It may have been supercharged..I'm dreaming of a rear-mid engine, 400 hp 4-wheel drive, aerodynamically correct lightweight hybrid lightly modified around 500 hp. For now, nothing that I know of comes close to the price of a Lexus SC 300/400 experience in appearance, quality and pure driving enjoyment. A good Supra TT is twice the price.
I thoroughly enjoy reading the high quality posts here. Apologize for the long reply.