The Elise isn't a drag car, it's a track car; as such, big HP numbers aren't of any concern to it, but rather low track times. Besides, it's an English car with a Honda motor (Rover for Europe), neither of which are known for high HP cars.
On the Evo vs the GT500 thing, the GT500 should win. Wouldn't be a blow out, with decent drivers in both cars, but not really an even match either. Put the two on a race track that isn't straight however, and my money is on the Evo. Solid axles don't like racing on curves.