Unless you find it somewhat of a challenge to run an old car against the current models.... & indeed its possible (at club level at least) to be fairly competitive with an old buggy (I had some decent results with my old RC10 last year

) ..... I would be inclined to start off with a new car for the simple fact that everything will be fresh, free from wear & spares will be more plentifull.... the rear wishbones on the 'Works' Cougar are unique to that car so finding replacements will be nigh-on impossible.
I would love to see some pictures of your Works Cougar... they are one of my favorite buggies & I own one myself, they are quite desirable so if in decent condition can fetch good money on ebay etc.... certainly enough to get you well on your way to buying a new set-up for racing