The Plan:
'book' chassis, using Mcsorley book chassis plan. See http://mcsorley.net/locost/
Toyota 1.8 litre, 3T-C engine. I found a deal on a a freshly rebuilt, but then un-used engine from a guy in Saskatoon. He was moving to BC and didn't want to take it with him.
'81 Toyota Corolla donor car purchased from City of Regina Police Auction. I stripped it and now a five speed trans, driveshaft, rear diff, steering column, pedal cluster, hand brake lever, misc bits and pieces that I might use during the build.
'96 Caterham coil-over suspension
March 21, 2008: Plan change: will be using Cortina differential and front uprights.
Some inspiration:

My thanks to Greg Wellwood in British Columbia. He has kindly granted me permission to use the picture above.
He has done a number of very interesting projects. Please check out his web site:
Greg's Locost page: http://www.geocities.com/g_wellwood/automotive/locost.html
Greg's home Page: http://www.gwellwood.com
I love those clamshell fenders! It is too soon to figure out paint colours. Maybe BRG (naturally !), maybe flat black. decisions, decisions, eh!