Well, I just posted this in the mini cooper thread, might as well share it with this one too.. a little more appropriate..
M-04M Carpet Setup
TRF Short White springs
TRF Shocks, 85 wt oil, 2-hole pistons, 2 o-rings, no rebound
S-Grips, moulded insert (hard to find), 1/3 traction compound on inside
0-1 degree toe out, depends on how you like your steering.
Rear holes on the steering uprights (mine gets stuck on the chassis when it's on the front holes)
Short Fluorescent Red springs (53333 set)
TRF Shocks, 60 wt oil, 2-hole pistons, 3 o-rings, no rebound
Type A's, firm foam insert strip, full traction compound
5-6mm ride height all around
It's a very stiff setup in the front, and runs like a touring car.. no body roll for quick transitions, and at the same time I can run through the whole track full-throttle without flipping. If you need more steering, widen the strip of compound in the front.
Get the 2-degree rear uprights if you can, or just upgrade to the lightweight "M03M" set, it has 2 degrees already, and is very nimble.
Put the receiver and speedo on the sides like saddlebags, keeps the COG way low.
I use the Alfa body for TCS, and the HPI Miata for the other races.. love the rear wing..
That's the basis of the setup, the rest is optional.. aluminum hexes, rear universals, carbon gearshafts, TA03 Ball Diff w/ lightweight plates, aluminum screws with a few Ti in spots, but it's not that necessary.
This setup handles great, and the fl. red springs will keep your rear tires planted. If the rear tires are jumping in the rear when you turn, swap to stiffer springs until they stop, but still grip. Also make sure to put 1-2mm extra preload on the rear left shock because of the motor, keeps the car straighter when accelerating.