Don't fret Brett, we'll get you sorted out.
Both the ST/295 and the 252 Colt are a fine place to start a racer build. Correcting the "top Attex specialist" above, both of these machines are T-20 based and have #50 drive chain and have 1" axles.
(As a side note, the Baker Hill transmissions and #40 chain work almost too well in racers. Jim Gerber (the NEEDT 2 stroke stock and mod points leader this year) and Don Kinyon (2-stroke stock runner up) are both running Chaparral G50B engines with Baker Hill 6000s and #40 drive chain.)
Also, here's a shot of JP's racer frame. Not much different than what I usually build, but this one came with a Penicillin injector.
Good luck!