The Ryan Falconer prepped V12s in the Thunder Mustang are awesome and sound beautiful but they are no match for the turbocharged Conti's at this time until they get their supercharger or turbos. The TM holds the world speed record for naturally aspirated piston aircraft I believe.
The Electramotive prepped Nissan VG30 based V6s fitted to the Pond Racer sounded even better but were beset by cooling and turbo problems among others. The land based engines were virtually bulletproof in the Nissan GTP cars and steamrolled all comers for many years and were capable of nearly 1000hp in unrestricted trim. This reliability did not translate over to the Pond Racer unfortunately and Rick Brickert was tragically killed in the crash of the aircraft.
Algie Composite Aircraft is building a clean sheet design to be powered by a turbocharged LS1 V8. It is very innovative although unproven at this point. The LS1 would seem to be an excellent basis for Reno racing being of modern design and well proven to be reliable at least in atmo form by many endiurance racing wins for Chevrolet. This design comes from a top Indy Car engineer/ fabricator.
http://members.iquest.net/~aca/
The Subies probably don't have the displacement in single engined form to compete with the 9+ liter Contis unless a smaller airframe was available than what is currently used in the Sport Class. Frontal area is the killer here. It would take at least 600hp to be competitive in a Lancair as of last year. The biggest closed deck design is only 2.5 liters and would be straining to churn that hp level out for 8 minutes.
I think a built LS1 turbo or ex Indy Car engine fitted to a Lancair would obliterate the Conti powered ones but this involves considerable R&D on the reduction drive, propeller and cooling systems. Doable but lots of talent and $$$ required. Certainly an ex Toyota Indy Car turbo engine is capable of 750-800 hp at a very conservative rpm level and slightly higher boost they they usually ran and should be completely reliable for the short Sport Class races. Now that would sound great mixed with the prop noise coming down the chute!
There were rumors of a turbo Wankel powered design several years ago but that has never flown. The reliability of turbocharged Wankels at high outputs has never been great for extended period useage however technology marches on and the small package of the Wankel may make this an attractive alternative to piston engines.
Conti still rules the Sport Class at the moment. Lyco has not had the best luck here so far. They'll need to give Jon Sharp and his designs another 200+ hp if they want to be competitive. Darryl Greenamyer wasted everyone last year. He is a VERY smart engineer/ pilot/ competitor.