It's light weight would seem to make is a good potential platform for an electric car. I would go all wheel drive, with 2 big bad golf cart motors (or expensive lightweight efficient high tech version), and a pile of Ni-Cad batteries (or Optimas for low-buck).
Or put a V-Rod Harley Motor in it with Nitrous.
Or put a V-Rod Harley Motor in it with Nitrous.