YES like I agreed with you, the s2k can have over 300whp on a stock engine, but NOT much more. I found the internal upgrades to very limited for it as well. If I owned (I would sell it,,oops) I would just run nitrous on it with good computer/fuel management and call it a day.
I see many many many corvette and cobra drag cars. The real fast ones have swapped the axles, but I still see some pretty fast ones that haven't swapped. I don't see hardly any s2ks and none that keep up with any of the other vehicles mentioned.
Yeah, it's not a bad car, but there are better cars for the money that have much more flexibility , i.e: drag car or road car or a bit of both.
Oo, and I saw a bmw z3 with a slightly modded m3 engine in it yesterday.

It ran a 13.5 in 1/4 mile but that was because it was a SCCA car, but it had the flexibility to be a decent drag car with different gearing and wheels/tires.