They are good in theory, I couldn't give a great performance/technical reason for them being bad, just said I personally have something against them and don't like them lol.
The rarity and crustiness of them is the other thing against them.
As for steering lock, the e30 rocks, it has 43degrees
I agree though, it could be a decent alternative to a sierra or volvo, but it would be good to have a less powerful car that was more reliable for the first drift car IMO. Having a crusty old turbocharged car when on a tiny budget where a £50 turbo is still quite a lot of money, as well as the oil changes etc.