well revving a COLD engine as it is, is not a good idea cylinder wear is outrageous when engines are cold. and the most likely reason is the same reason that people here run lower thermostats, when your engine is cooler, not COLD, but cooler, the air going into the cylinders is cooler, the combustion chamber is cooler, therefore helping along your octane rating, allowing timing to advance to its full potential. when an engine gets up to full op with a normal thermostat, you're still gonna have some KR at wot, even in tuned up cars. thats simply why they feel SLIGHTLY peppier when cold. I could be wrong, but thats what i know. thats why in high performance cars, you run a cooler stat, you run colder plugs, a true cold air intake, and high octane fuel, to combat kr, to maximize the amount of spark advance to maximize the hp output
as far as doing burnouts, these cars have most their weight over the drive wheels, improving traction significantly, to overcome that, you've got to get either more power to the wheels or just raise the gear ratio as previously mentioned.
just a little more advice from the peanut gallery, why would you want to A. wear out your tires. B. murder your diff and C. waste money. just so you can have a smoke show? IMO, if you want burnouts, get a RWD car, you don't have to overcome so much weight, you can hold the brake on and only be resisting against the drums, making it much easier than resisting against your discs, all i know is, FWD cars weren't meant to do that. the power is certainly there, i have run my car into third gear in a spinout in the rain with barely any effort, it was of course, not intentional, but i'm just not sure why you would want to deliberately destroy the small amount of reliability these transmissions have. if you really want to start doing burnouts, play it safe. get a custom limited slip differential, a higher final gear ratio, a higher stall TC to get you into the powerband before throwing it into the wheels, otherwise you are feeding them too fast and it slows down the progress of the revving engine. this is why you could do burnouts with your 5 spd, because you can drop the clutch in the powerband and instantly shock the wheels with power. and since those smaller engines have rather tall gears, it doesn't take alot usually to shock them into a spin.