RE: noise level
Are you gonna run it in your backyard? Unless you have a big yard I would recommend taking it out somwhere where you can take it to it's limits. I live on 1.5 Acres and I sure don't have enough room for my beast hehehe. I am only breaking on new engines at home... but that's about it. I take my truck out somewhere else...
And like bob said, if you have neighbors, and they get fed up with that sound (which I can totally understand) you might wanna take it somewhere else. But then again, depends on what type of subdivision you live in. But I would not plan on driving it at home, maybe once in a while but not on a regular basis.