No, It is the Fiero IMSA spoiler used on the Fiero IMSA race cars back in the 1980's.
http://the-stickman.tripod.com/doleimsafieros.html
No, The Fiero is mid-engined so the engine and transaxle are mounted just in front of the rear wheels. With the weight over the axles traction isn't a problem at all with decent performance tires. 0-60mph is just 3.9 seconds.
Here is a video a made a couple of years ago by a video company of my car:
http://digitaltake.com/demovideochicago/FieroVideo_512k.wmv
The 1984 and 1985 4-cyl cars were the ones prone to possible fires. The 2.5L 4-cyl has a cover on the firewall side of the block so you can access the lifters without removing the head. This cover was sealed with RTV and was prone to leaking as well as the valve cover over time. Just below the engine was the catalytic converter of the stock exhaust, If an oil leaked happened, hit the catalytic converter, there was a chance it could ignite causing a fire. The ealy 4-cyl's also had a problem where if the oil level got too low, It could drive the poston rod thru the side of the block and cause a possible fire.
The V-6 engined Fiero's and later 4-cyl engines did not have this problem.
While the media made a huge deal about it, There were less Fiero fires (.02%)than either the mid 90's T-birds/Mustangs, (.06%) the PT Cruiser (.04%) or the 1999 to 2002 Grand Prix (.03%) fires. (Ford Pinto of the 70's had the most at .08%) The reason the Fiero fires were such a media frenzy was because of it's plastic body and it wasn't long after the Pinto's recall. Now you rarely hear about cars that start fires, But the list is growing which recently includes BMW and Audi.