New Project: 1985 MR2

sitting, months, good, belt, timing, cover, david, miles, nasty, started, autocross, suggestions, sick, 141k, plan, turning, towed, dollars, house, cranked, purr, 1985, project, bought, coming, smoke, anythign, seconds, screw

Hey everyone i just bought a MR2 Mk1 for 300 dollars, got it towed to my house and cranked it up and i got her to purr. I only ran it for about 5 seconds because i didnt want to screw anythign up. I saw some what seemed like smoke coming out of the timing belt cover. i know that cant be good. the car was sitting for about 6 months and has about 141k miles on it. I plan on turning it into a sick nasty autocross car. Any suggestions on where to get started? thanks, David