Morty,
You would be surprised how heavy alloy wheels usually are!
Unless our friend wants to run wider rubber, I don't know that they're worth the money in this case?
This might sound a strange one but I notice that FIAT Brazil have increased the compression ratio on their FIRE engines, to 11.65:1. Power has gone up to 65bhp - for the 999cc! I wonder if it might be worth trying a similar stunt on the 1108cc FIRE (1.1i.e.s engine) - perhaps shave the head to increase CR to 10.5:1, might be a quick power increase? Assuming that you can remove the head yourself, it shouldn't cost much for an engine shop to machine some aluminium off.
I understand that the FIRE is a non-interference engine (valves don't hit the pistons if the cam stops turning) so this should give a small amount of 'distance' to play with.
The next thing would be a special camshaft. Something aftermarket for the Cinquecento Sporting? Perhaps there is a source for reground cams - I don't know of one, but ask a friendly engine shop who they would recommend.
After the camshaft change, you'll need more fuel. I really don't know how you increase the performance of the SPi (injection) system. With a carburettor, you can increase the jet sizes slightly. But with fuel injection, I would imagine it involves tinkering with the fuel pressure (I don't think there is an airflow meter in this application). Perhaps get a tuning shop to run the car on a dyno once you get to this point.
Unfortunately I suspect the cost of the high-performance cam will blow the budget... but check it out anyway and let us know?
Thanks,
-Alex