design an o-w car questions

[Roninho]

Dear all,

I'd like to have some input on an early stage project.

The project would be that students would design and build a formula car chassis, a level below F1 but similar to Indycar and GP2 in terms of power, safety and speed.

The students would design and build the car, excluding engine, gearbox and electronics (which would be bought 'on the market').
For 'simplicity' and safety the base of the car is an approved safety cell (an early 2000s champcar one to be precise).

What would be the main technical challenges and production challenges?
And what would be a ballpark figure for what this would costs in materials and production (excluding labour, since the students would do this as part of their study).

Any input would be appreciated.

Best Ron