in answer to op yes is possible , my t-jet can beat vxr corsa's and abarth's, basicly i just changed anything that was going to be under strain and gave the engine a good refresh befor starting out ie full serive pullys belts tentioners waterpump gaskets hose clips fluids oils ect, then added a straight through 3" stainless system with twin 2.5" exit, forge induction kit, dailey dv24 bov and blanked off original recirc, vl36 turbo conversion , revvo ecu chip set up on rr,run on ron 99. no spare wheel no crappy subs or anything , and if im goin 1/4milein no back seats boot carpet liner ect.
i have also done all the work my self asides from the custom exhaust and rolling road so have done it on a fairly small budget and got my self a car that beat much bigger oponents (off public road naturaly).