Probably you have stopped working on that great idea, but I discovered it a few days ago. It was a great way to have a career mode and I was excited for the offers that I'm gonna receive at the end if the season. But then I finished my first season in P9 (a lot of bad mistakes) and sadly discovered that even though I won 6 races, I didn't have a single offer from the teams. I wasn't bothered to follow the privateer way but then I discovered that I couldn't afford the team to continue. So my only option was to do again the 1995 season. That really destroyed the experience for me. Maybe it's too unforgiving for the player
There are some ways to get bonuses and collect money for privateer campains, but there is always a risk that you will be left without a seat and can't afford to participate, just like some real drivers in the 90's.
If I ever complete the Fiesta Cup mod, I will include it as a cheaper alternative.