if you want to be "competitive" look at NDRA / NHRA websites and take a look at the qualifying and elmination rounds for the class that you want to race in if its drag racing.

from there on, you try to make as much power as you can with the money you have and get crap load of seat time to make it work. Car can make all the power in the world if you cant drive it you WON'T be competitive.