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GT1/GT2(Now GTE) regulates cars to be built to a certain set of parameters(base weight, displacement, whatever) but FIA/ACO may issue waivers for different cars, the adjustment of which is becoming a de facto BoP now.
GT3/4 are built from production cars with whatever parts you like and gets homologated and BoP'ed.
You can have a pure racing bred engine in GT2/GTE as V8 Vantage GTE, but only production engine with minor modification is allowed in GT3/4 as V12 Vantage GT3.
The problem with GT4 is that it's no less expensive than a touring car, but not as fast.
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