As said check with your local track rules. The upgrades would be EXOTEK Chassis, $95ish, EXOTEK IFS coneversion, $ 25ish, IFS system, $25ish, then play around with gearing, got mine to 40t pinion, slightly lenghten hole with dremel bit approx 1-2mm. The rest of theFGX upgrades is a prference, upgrade steering inaluminium, really the stock as less movement and is ligther, I got one and really didn't need it. Over all it was a good car but does lack still slightly at top even with the gearing but very close.
Check here for all you need to know, http://www.rcformula1.com.au/index.p...les/5-3-racing
, There is pages on most of the F1 brands available all in one place.