Yes, engine failures do tend to focus the mind. I had one in a Marchetti SF260 in 2000 and broke my back in the wheels up landing out of a low level turn. I was lying in the hospital after the subsequent operation to implant a meccano set's worth of titanium scaffolding when I saw some clips of the Reno air races. The nurse was going to switch it off to spare my feelings but I couldn't wait to get back up in the air. It took me 9 months to achieve it and I was a little nervous on the first few flights.
Also had another (partial) engine failure (in a Chippie) - one magneto started rotating in its mount like a hand whisk, leaving the engine very low on power and running like a cement mixer - but fortunately this was in the circuit just after pulling off power on downwind and I managed to roll it on with just enough power to taxi clear.
I still am a little nervous 5 years on, though it's now more like the nervousness one has getting ready to give a speech - and really only before start-up and take-off. But it helps makes me stay alert, especially in the circuit, and especially in the Pitts, where the challenge is when the newbies are doing low-level, slow, 5 mile downwinds and I'm doing 2m:15s circuits, staying fastish, highish and close-in and pretty much blind ahead. Certainly helps keep you focused...
I had my Elan for 2 years 1983-85. Probably the most fun car I've ever owned, though not the fastest relative to its peers - which honour probably lies with the Lotus Sunbeam I used to take out at Castle Combe on De Tomaso Drivers Club track days. I once held off a Ferrari Testarossa for the whole 6 laps, thanks to agility and good acceleration. Bit like the Pitts.
OTOH, with 260hp and 575kg, the Pitts is probably more like the Caterham 7 CSV 260 - same power to weight, very focused, really built for one purpose only. The Lotus Sunbeam had only 210hp but weighed almost a ton and was a bit stadgy by comparison.
Driving in Australia is a bit dull - despite running around in a fairly quick Subaru 3.0RB, I miss a fun car and some English country lanes - but the Pitts helps provide a bit of spice!