Buy another car or work on my current one? (For racing)?

So I'm 16 and pretty new to the car scene. I bought my first car about two months ago and done some work on it, really love working on/driving cars. Anyways, right now I have a 92 Honda Accord ex with a stick and about 190k miles and plenty of rust (Mostly the entire suspension assembly is rusted out. Works, but still worries me to make it fast with that much rust). Anyways I guess my question was, should I buy another car (Most likely a Civic or Eclipse/Talon), or would it be cheaper and easier to just replace the heavily rusted parts? And is there anything else i should worry about on such an old car if I plan to to some heavy modding and racing?

Also, I don't plan on street racing. Keeping it legal & on a track.

With that many miles and that amount of rust, you can fix all you want but as soon as you get one thing fixed another problem will pop up, if you have a good job, I would try to finance a used car (co-sign with a parent) with less than 100,000 miles, I was able to co-sign with my sister and get a Dodge Challenger with 51,000 miles on it, runs amazingly and I bought 100,000 more miles warranty on it. (I'm 20 years old btw) If you are unable to afford payments for financing then make sure any car you buy is no more than 150,000 miles. Anymore than that and you're looking at a money pit. I've always found it irresponsible of parents to buy their teen or allow their teen to buy a car with such a high mileage, it may be cheap but the amount of repairs that will pop up will greatly surpass the price of the car. I bought a 1997 Ford Explorer with 154k miles on it and in one year I had to replace or fix.
Ball Joints, Control Arms, Front Brake Pads ($650.00+)
Tires ($440.00)
Front Wheel Bearings ($450.00)
Front Shocks ($200.00)
Transfer Case Seal ($80.00)
etc… When i traded it in it still needed several more repairs