I owned a few F201's and raced them against other F201's. It was a fun car to race.
At this point, most 1:10 F1 racing is for 2wd cars that are direct drive (straight rear axle cars). However, there have been other individuals who have run their F201 as a RWD only car.
The biggest issue with the F201 is gearing. In stock form there were only 2 gearing options for the F201 - "high speed" gear set and "stock" gear set. I believe that there was at least one company that made an aftermarket motor mount that allowed adjustable gearing, but that might be hard to find.
As stated above, running the same Final Drive Ratio in an F201 vs most other F1 cars can be a challenge. This is because the F201 has a gearbox and most other F1 cars are direct drive. There is another RWD F1 car out there (FXG?) that uses a gearbox instead of direct drive. You might do some research on that car to see what challenges they had with gearing.
As far as tuning, you may want to use some different springs for the shocks. Tamiya did sell a set of 3 different springs, but they are bit limited. The springs that are made for Associated micro shocks (side shocks for 3 shock pan cars) will fit perfectly on the F201 shocks.
One final thought is tires. Many F1 classes/tracks have either a spec tire or a tire that works best at their facility. The F201 only came with 3 tire choices - kit, A & B. If you can find them, the HPI F10 wheels/tires will also fit on the F201 (but might be expensive).
Hope this info helps.