Interesting choice of car 7.3 .... personally not my type of racing/sport..
As im no expert, i felt to reffer to someone who is...
The Ghost Of Duluth from Drifting.com
And these are his theory's....
The Corolla is a great car to start but I don't think of it as the best all around Drift car. If you look at every aspect of the car, the 240sx would probably be my #1 choice. Reasons are as follows.
1. Cheap. Cheaper than the Corolla by far now that the phenomenon is taking over. The 240 can be found just about anywhere. Your neighbor probably has one under his bed with the shotgun. They are an easy car to learn in and the parts are not going to kill you. The Corolla on the other hand is not so plentiful and therefore more expensive.
2. Parts. They are plentiful just like the cars. Everyone is starting to make the parts for the 240's. Heck, even Autozone carries some aftermarket parts for them. Plus you have to look at the upkeep on the car as well. Regular parts for the car can be just as much of a headache on a car that is 20 years old. Simple items such as a coil or distributor cap can be 3 days away on a Corolla.
3. The car itself. What happens if you don't like Drifting? I only ask this because you may not and once you get an old Corolla, you may not like it after the Drifting bug has left. I sort of encourage this sometimes as it means that I can find a cheap Corolla when you just want to dump it cause you dont like it anymore.
But in reality, a 240 is a much more publicly acceptable car than an old Corolla. Especialy girls. They hate Corollas, well the abnormal ones do at least, but they can get by in a 240.
4. Upgradability. You can upgrade that 240 alot more than the Corolla. You can put the SR in the 240 with no headache, more companies make suspension parts and the used market is larger.
Add all of this up and the 240 comes out on top. It comes out higher than the FC RX7, largely due to the Rotary. There is a niche buch of Rotary mechanics out there and good ones are few and far between. You can just forget about the FD totally. WAY too expensive for the casual Drifter and a major headache in just about every way. I speak from experience. The FB or SA RX7, first gen, falls under the same Rotary catagory. The Cressida is a rare car and a good slider I have heard but same boat as the Corolla. Basically any RWD car can work and FWD if you can stand criticism and want a real challenge. Lot harder to slide FF than FR in my opinion.
So there you have it. For the little amount of money it takes to get a 240, the ease of parts, the cheapness of parts and the all around easier time of it, the 240 is the way to go.