like plv was saying, there was a 240 in my class last year (STS) that won nationals. the money put into that car was kinda a lot but the cars can be made very fast. I have also seen 240's made into Improve Touring A cars (ITA) which are pretty much stock motors with coilovers and race tires and are extremely fast.

When setting up a car its all about suspension. That is the part of the car where u want to get the best parts possible and the saying "you get what you paid for" is very true. i have the exact setup for a 240 that the guy that won nationals has and what suspension parts he used. pm me about it...