Pretty much every list of the top 20 sports cars has the miata on the list. They are very fun to drive they're just not the greatest looking car. From everything I've seen and heard a small block makes them very quick cars, just nose heavy. That's why I recommend an SR20, like in a previous post. Of course the right suspension changes and the massive torque from a proper 350 will easily alleviate the under steer from nose heavy cars.
A supercharger can bring the cost of the engine up quite a bit and realistically a 600hp engine in a miata is good for bragging but a lot of that power will just end up in wheel smoke. A good supercharger kit will be a couple grand minimum while a nice 450hp small block could be built for $4k, if you do the work yourself. I think most people just don't have the money/need for all the extra power.
Rob you'll want to add weight to the back for traction like putting the battery in the trunk for example. You could chop the axles and tub the rear end to get that power to the ground. I'd love to see a miata with 330 rear tires in it. It'd probably have 6" shafts at the back for that.
If you build this maita you've that been talking about for a while now I will need to see pics of the build. I have a lot of fab experience so I can help if you have any issues. Engine wise I can pretty much build a gm small block blindfolded now, they are pretty simple though. Best I've done out of a 350 was 520hp N/A, stroked out to a 383. Best I've worked on was 680hp+ out of an N/A 350, sportsman class sprint car. The sprint car engine did need to have the heads rebuilt after every 4th or 5th race. Also the dynos on both those engine were on race fuel.
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