This is my car:
http://www.automotiveforums.com/img/members/rc1.jpg

It is a Tamiya TA03f (front motor)
I have 3 batteries: 1800, 1500, and 1300
I have a p2k motor and a cheap Forward/reverse esc.
I have added bearings, made a custom double-deck fiber glass chassis. I also have a purple-ano motor heat sink. I plan on adding sway bars, aluminum layshafts, maybe aluminum shocks, and I might make my own adjustable upper arms (to change camber).

I would say you should get a better ESC before you get the rest if you are going into racing. If you wanna stay with a forward/reverse and wanna race, you should get a Keyence AO7RZ or a KO Propo KSC1100FR.