Out of interest, why haven't you chaps considered going pro with this? There are a lot of games that somehow get made that are much worse. As you've stated, kickstarter is a viable option, as is gaining sponsorship from external sources, as is working with gaming development studios. Wipeout is a true vintage gaming series, I think that if you guys were to get your house in order and come up with viable plans there's a strong chance that you could attract some investment. The game itself needn't be particularly high budget and a small team could actually work together to create something really quite decent.
Even with a bit of additional marketing you may be able to attract an industry professional to your cause. Imagine just how much better everything would work if you had a keen modeler working with you? It's something that could well snowball. In terms of getting further funding, the industry is looking very favourably on 'indie' games at the moment, and it may be that you could work to get assistance from a studio.
For the record, I have worked as an independent software developer for the past few years, and have since moved into software analysis. I'd state that getting funding for projects is not as hard as it may first seem, it's just that a lot of organisation's marketing is poor and management direction isn't up to scratch, and they are two things that set alarm bells off from the perspective of an investor. Of course, I am willing to lend and share what I have learned over the years with yourselves.
Regardless, the above is just a thought; I don't wish to upset the status quo with your group, but I guarantee you there are a lot of people who would like to see another high quality wipeout game outside of these forums.