Believe me I've used many different cars on the track and if its a £1k budget then forget the Fezza, nothing against them, but for £/fun on the track there are better choices.

£1k - pug or golf gti
£2k - lightly modified Nissan 200 sx S13 or for fwd Pug 106 rallye/xsi
£3k - BMW 3 series 6 cykiner with an lsd or Pug GTi 6 / Rallye
£5k plus loads of choice its up to what you prefer really

Best advice is buy one that already been pre'd for track use as you never get that money back if you start from scratch.

Good luck, Get out there and have some fun !