Assuming you placed your McLaren Capri on non-operational status (non-op)
through the California DMV in 2000, all you need now in order to register it
is proof of insurance and a current smog check certificate (smog
certificates are valid for 90 days from the date of issuance). If you never
placed your McLaren on non-op then you'll have to pay some fines, but can
still get it registered with a smog check and insurance. To get a smog
inspection at this point you need to do nothing but visit a smog test only
center or gold shield smog station. You must visit a test only or gold
shield smog center specifically and not a regular smog station because your
McLaren was labeled a "Gross Polluter". Those two smog station types are the
only two which can certify your car.
Assuming the state's emission standards for a 1985 McLaren have not been
loosened and you haven't performed any repairs to your McLaren, it may very
well fail again. You may want to consider taking it in to a smog check
repair station, perhaps a Gold Shield smog station who can repair, inspect
and certify your vehicle first. Once the smog check is complete and your car
is passing you can get it registered.
Now in case you're wondering "How do I get it to the smog station? The tags
are expired over 10 years"... No worries, if you paid for non-op status in
2000 all you'll need to do is visit the local DMV branch, pay $50.00 for a
temporary registration tag and that will allow you to drive your car to and
from a smog repair station.
As far as any limit on the amount of money spent to repair a smog check
failing car, unfortunately there is no limit.