G'day Steven,
Check with the blokes at North American Speed Society
http://www.clspeed.com/member.htm
They should be able to help you track down spare parts, and a suitable model to get that baby flying.
I would guess that your friend really meant speed models rather than racing. Racing a pulse jet would be "very interesting!!" if not a little scary.
Good luck, and please give us progress reports.
There is a small but enthusiastic Jet following in Australia. They don't quite wake the dead, but no one is ever in doubt about whether it is running....ahh noise!!!
regards
Greggles