If you go M05, then I think the steering upgrades are a must. Also the front shock mount, you need to stand the shocks up. You won't want to do more than one event with a silver can, they are too slow vs the hobbywing. Last kit I got I sold the silver can and esc on ebay, which paid for the steering basically!
Other than that, you should be pretty right. You don't need alloy uprights. Chuck an oil filled gear diff at it once you're up to speed driving the Mini or as your budget allows, and upgrade to uni joints at the same time.
Tyres I'd recommend at the start would be Ride 3035's on front and Spice 28's on back. Sweep 40's on front for more front grip, but you'll only get ~6 heats out of a pair. Ride 3035's will last a LONG time, and really aren't a lot slower.