I think buying a Serpent 960, mounting the brushless system and run like 8 cells or 3 cells LIPO would be very simple to convert (for those that have the tools and skill)...however, I think the car will be extremely heavy for electric motor....
A better solution should be convert 1 of the CRC 1/10th or AE 1/10th...and make it wider and longer to fit into 1/8th scale Lola body......and some special wheel mount to fit those 1/8th foam tires and run it RWD(2WD)...
Most of the 1/8th track are prepped and traction should be high......and with the technology of brushless and LI-PO....I think it will be FASTER or at least par with the current 1/8th gas car....probably can run 10-15 minutes per pack too...