You say everything can be fixed for sub £200.
So with that fixed just so the thing just drives ok you then have to fit a new decent set of shocks and springs, new trailing arm bushes and the spacers you want to fit. Then how about a set of brakes that will actually work properly on the track, decent set of wheels and tyres etc...........
Once you've sorted all that, you're then left with a car that might stop and go round corners but then the engine you have in the car wouldn't have the power to pull the skin off a custard so you then will want to put another engine in it.
If you can do that for under £200, I'll be be the first to shake your hand
Buying a better and more suited car from the off makes a hell of a lot more sense IMO.
I understand you want to use the Ka as you already have it but I think you are better off getting shot and getting something else if you want a track car