The best thing you can do James, is practice as much as possible on the track in your current car.
Have you ever heard of the phrase "Ten tenths" ? Most people will not be able to drive their car on the track at a rating of ten out of ten if that makes any sense at all? The reason why you would stand a good chance against a faster car is because you will have the ability (in your car) to drive it nearer to "ten tenths" than say someone in a quicker GTI... Gearing makes a massive difference too. For example, these cars that have really high BHP figures, will often mean that they have the capability of reaching much higher speeds, and as you know, on many tracks, how often are you going to be going at that top end speed...
However, it all boils down to driving ability, that's the biggest sway in this argument. Even on a tight track like Cadwell, you would be able to post quicker times in the GTI than the 1400. Take a track like Silverstone, and I think you would really struggle in the lesser power car.
You've got to remember, when you're saying that you will upset GTIs / VTSs around the track, you need to take into consideration that they might have just as good of a suspension setup as yourself, and they also might be of the same skills behind the wheel.