There is a young crew out of the DirtFish Rally School/Prep Shop (in Snoqualmie) running a magnetic FiST in the ARA series in the Limited 2 Wheel Drive class (NO sequential gearbox).
Call them up and ask them just how 'streetable' theirs is, and what they had to do in order to pass inspection there (IF you even have one in your county?).
My guess is that they would be stopped by every cop who spies the fully gutted interior, full cage/harnesses/race shell seats/no airbag racing steering wheel, even if it IS legal there.