I've raced mine and i wasnt too ridiculous considering my driving skills!
However you will need the following:
lower turn motor than stock: i have 9t
different servo: stock one is too slow
steering setup to achieve tighter turns (see 1 of my post in this thread http://www.msuk-forum.co.uk/topic/138437-ftx-vantagecarnage-owners-thread/page__st__360#entry1439691)
tyres adapted to your surface:stock ones are only good for bashing.
if you can afford the carbon fibre top deck and suspension tower, it will break less!
Also, depending on surface, lowering chassis can be a challenge with stock suspensions.
for 3s.... yes it is very fast and hard to handle but since it is not allowed for racing in brca 1/10th, i wouldn't bother.