The gears have been spinning in my head for a few months now and I've been doing some testing of various cars for 2 potential race series.
Option 1, '06 S2000 vs '12 BRZ, both with a few bolt-on engine mods to equalize performance to around 470PP. Minimal vehicle adjustments allowed, sport hard tires, race tracks under 2 miles long. Race format would be 2 20 minute heats with reverse finishing order start for 2nd race.
Option 2, 550-590 PP super cars, each entrant having a different car, sport soft tires, tuning restricted to LSD settings. Testing is still in progress but thus far I've begun equality testing for the Viper GTS, 458 Italia, ZR1, LFA Nurburgring, MP4-12C, Alfa Romeo TZ3 Stradale, Gallardo, Ford GT, SLS AMG, etc. Races format would be 45-50 min long with required pit stop.
Penalty ballast would most likely be used in both series to keep things equal/interesting.