Less weight with same power will make the car quicker and handle better. Of course mpg's will be up as well.
I have seen HR16DE's put down 115whp on dyno's with a couple of go fast goodies. Now that isn't alot but on a car that weighs 2,300lbs (after reduction) it has a decent power to weight ratio. I don't think you will get down into miata territory but it would still be a much more fun car then stock. Think classic Sentra SE-R stock.
Agreed...I know we won't get up to miata performance but it will be close seeing as the miata weighs around the same as the note and only makes 167hp at the crank which translates to roughly between 130 and 140whp but I believe with a little more aftermarket support for the hr16de we may be able to get there