ambitious!
seems like overkill
especially in the rim department - smaller diameter and bigger profile will be better
cars like this usually end up feeling very unbalanced - what sort of tracks will you be racing on?
the engine choice and power figure seems about right - although NA would be cooler - reduce complexity, weight and under bonnet temps
its a big project so just make sure you have the time, funds, motivation, dedication to do it properly
good luck