sidj

Im considering buying a 7.2 gt3. I wont be tracking it much at all (once or twice a year tops) Given that, is there anything I ought to be worried about?

LateBraking

There's a number of things that you ought to address. All of it has been discussed quite often on here and can be found with a quick search. The coolant fitting thing is a sticky.

Big items to address:
-Coolant pipe pinning/welding
-Variocam Bolts (TPC procedure, lock-wire, or Dundon harmonic balancer)

Things you may have to address based on mileage use and maintenance history:
-Rear main seal
-Water pump
(When the engine is out for pinning or welding service it's a good time to do the water pump, spark plugs and radiator hoses.)

I noticed a lot of people gamble with the coolant hoses. Don't do that, especially if you track, even if once or twice a year. One track event I went to a Camaro guy was cussing up a storm because a GT3 pissed coolant in a corner after popping a fitting. It sucks for you and it sucks for everyones' cars you screw up.

Jon H

While engine is out, in addition to above -

Replace the Oil Cooler Coolant Elbows (OEM are plastic) with Sharkwerks metal elbows, this should be done as part of the coolant pipe work.

Replace Thermostat and Coolant Expansion Tank.

Have Front Seal Checked also.

Have Engine Mounts checked.

sidj

At what mileage would an engine out service like this be required? How much would it cost?

Hella-Buggin'

I'm new to the GT3 world but my impression is that it's something that should have been done at the factory and you just need to do it.
I believe an engine out procedure is about $4k give or take. The glue used by the factory with the plastic connectors degrades with time and heat.
It's something that should already be done but you should confirm that with a PPI.