Start with traction modifications, and go from there. You will surprise yourself with the time improvements just from mounts, strut bats, and stuff like that.
Everything else you propose would be kind of dangerous. I don't know the limits of the LLT internals, but I imagine you'd be much better off rebuilding the motor for this. You're looking at a serious project, and you should aim high for performance. What you want can be done, but you don't want to push your motor too hard without backing it up with top notch parts, like pistons and connecting rods.
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