Were you at Smith Rd. yesterday? The 110's are great IMO, but you have to look at what's going on in the local scene. Build your bike to the scene, rather than what you'd LIKE the scene to be. As of late, all the pit bikes (I've stopped calling them that at this point, I call my bike a play bike these days) are lumped into one class, and we run on big bike tracks.
If I were you-- I'd grab up a bigger play bike for $800-$1000, and call it a day. By the time you get a 110 built-- you'll have $2500 into it. I've been racing my big 'ol 150F for five years now with fairly decent results, and I have zero mods done to it-- not even a pipe. I've gotta have 400 hours on it, and 100 races!
I will get smoked by bikes with built motors, but it's all in fun, and I don't take the racing seriously. I COULD build my bike up, and it would definitely be a contender, but the idea is to show up on whatever ya have in the garage, and race for fun. The built bikes are what killed the scene in the first place. If you want somebody to race with, and a decent turnout, don't bully the other bikes with a fire breathing beast, or nobody will show up at the races. I'd prefer to ride my showroom stock 150F, and just enjoy it for what it is. Even if I'm not in the lead group-- there's always somebody to dice with in the pack. Hope this helps, and go on Planet Minis. Lotta great info there. When ya do get something, there've been about 5 guys at the Snapple Cabin all summer long. We've been having a good time there. --L*64