Useless? Hey, that's my absolute
favorite car you're talking about there.

(At least in the game it is anyway). Cars don't have to have 500+bhp to be enjoyable. And you don't even really need to make any performance upgrades to appreciate what it can do. With some hard running and an oil change, your power will probably increase to 177~178. And with a 620-kg curb weight, it has a pretty impressive power to weight ratio. The problem, I agree, is the lack of other cars in it's class. It's a light weight racing car from the early 60s with a 1.6 liter engine. On long straights, heavier but more powerful cars will make short work of it. Even after adjusting the transmission, it will max out at around 255-kmh. But it's so light and so well balanced that you can really throw it around curves with little fear.
None-the-less, I should point out, along with the PDI kart, this is one car that truly highlights some holes in the PP system. It's really not as 'beefy' as it's PP would lead you to believe. The car is good on a tight, twisty track. Try it on the Nürburgring. But a few suggestions first.
Aero(F/R): 15/30
Transmission: 270 KPH
LSD
Intial: 7
Accel.: 38 36
Braking: 17 15
Ride Height (F/R): -21/-20
Spring (F/R): 6.1/4.7
Damper E (F/R): 5/6
Damper C (F/R): 3/4
ARB (F/R): 6/6 5/6
Camber (F/R): -2.7/-1.8 -2.8/-1.9
Toe (F/R): -0.07/+0.20
Brakes(F/R): 3/0
ABS: 0
Tires: Racing Hard
And if you can, drive it from cockpit view--brilliant. In January I hosted (a pre-arranged race) from La Sarthe--about 1.5 hours of racing with pit stops and night to day changes. Everybody in the field was driving this car--absolutely epic.