Wouldn't that movie basically be a dumbed down version of Top Gun? Ace Combat would make a better movie franchise, to be honest.
The car from the original System16 arcade version of OutRun was based on a 1984-1986 Ferrari Testarossa Spider. Ferrari never actually made a convertible variant of this car.
There was some company in California back in the early 1980's that would do conversion kits for Testarossa's that removed the roof and added a folding canvas top. Those variants were nicknamed the 'Starman' .
There were only twelve of them made by said company. TopGear's website featured a Starman that they called 'The OutRun Ferrari'. This was a European version done by a different customisation group...
It would be something if Bay could get his hands on one for the movie. Even if it was on-loan.