I don't know how you can take a paint job that sweet to the track. Time to chip it up.
I have a 140-hp-ish '79 E21 Euro that weighs 2400#. Seriously short on power (though it was the fast 6cyl FI 3-series of its day) but the light weight makes it a rare thrill to flog. Everybody should have at least one light car with great suspension!