indeed. mark did that to his white one. and now he is in 12s i believe (high12s).
i rmember seeing a few mr2s with hi mileage n/a motors (5s-fe has potential too if u have $$$) going for between $4500 to $6000. add $2500 for a 3s-gte (or more for a 2nd gen or 3rd gen which come with like 225hp and 245hp i think but harder to come by) and you can still come out with a turbo mr2 for under $10000 (including a few motor upgrades)...most turbo models go around 10-12k when i was looking and most were stock or hi mileage with a few mods.
hope ur insurance guy doesnt read here

j/k