Handle just as well? I seriously doubt it. Mazdas are known for having perfectly balanced (that's 50/50 front/rear) weight splits. A miata with some suspension mods is capable of pulling 1.09 g's on a skidpad. I seriously doubt that throwing an extra 250 pounds toward the front of the car will let you turn at 1.09 g's. Why would you want to throw away the miata's best quality just to say you have a V8 in it?
There are 1.8 liter turbocharged miatas that have 400 horsepower to the wheels. Why would you need more then that in a light ass miata? I'm pretty sure the LS1 block is only around 350 horsepower.
I'm sure getting 400 horsepower from a turbo in a miata is easier then trying to swap a v8 in there. Engine swaps are never easy.
Tweaking fuel systems and maybe rebuilding the engine for turbo is easy though.
Bottom line: Turbo'd miata vs v8 swapped miata. I am willing to bet anyone that the turbo miata would win on a road course, skid pad, slalom and quarter mile track.
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