Transistors have been in racing cars since 1967 when the Cosworth DFV engine, with a "transistorized ignition" system, was put to the back of the Lotus 49, driven by Jim Clark and Graham Hill.

Going all mechanical would be going back to an era long gone. It would be difficult to attract funding for a formula racing series (not a spec series) based on obsolete technology.

That said, the early 1960s era of 1.5 liter V8 engines produced some of the most eloquent racing machines ever.