Buy another car or work on my current one? (For racing)?

So I'm 16 and pretty new to the car scene. I bought my first car about two months ago and done some work on it, really love working on/driving cars. Anyways, right now I have a 92 Honda Accord ex with a stick and about 190k miles and plenty of rust (Mostly the entire suspension assembly is rusted out. Works, but still worries me to make it fast with that much rust). Anyways I guess my question was, should I buy another car (Most likely a Civic or Eclipse/Talon), or would it be cheaper and easier to just replace the heavily rusted parts? And is there anything else i should worry about on such an old car if I plan to to some heavy modding and racing?

Also, I don't plan on street racing. Keeping it legal & on a track.
Thanks

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