Duhuh, we're all looking back at the automobile's history and having fun with it.
I'm going with Famine about the 0.4 hp it produces. I will doubt you'll be able to give it a Stage 4 turbo or a killer GT wing to it, but fun can still be had. After all, let's face it. You're not going to win the Grand Valley 300km with it, much less the 24h at the Nurburgring. Car with that sort of power will probably do well at Autumn Ring Mini or Motor Sports Land. Think about this, also. You may have drifting anyways with thin, wooden wheels. I guess the best way to imagine racing with this machine is to picture it racing in its lifetime. No Le Mans. No Daytona. No Indianapolis. No Juan Miguel Fangio. No Aryton Senna. No Michael Schumacher. We're talking about cars before even 1900. I've seen how racing was like in the past in a Speed Channel series called "Racing Mercedes." The way we see racing now, we have to imagine it in the past, and that's why I think PD wanted to concentrate even more on past automobiles. It was told to be a celebration of automobile history. We've gone from past technologies to futuristic racing (not in the sense of WipeOut or Xtreme G, though).
So there can still be fun in racing even with a 0.4 hp machine like this one. Most power tools have less than 1 horsepower, so if you can imagine less than one hp in a power tool, you may imagine less than 1 hp in a car like this. But I know this: when you have a car from the past, differences in handling are more apparent. I wouldn't be surprised to see the Ford Model T to handle like it's doing ice racing.