1. Precision balancing and machining! If it vibrates, it'll come apart.
2. Open and smooth oil passages.
3. Lightweight rotating assembly, valvetrain, and drivetrain. Aluminum flywheel/driveshaft, gun-drilled axles, lightweight brakes and wheels, Titanium valves and retainers, Teflon valve seals, lightweight pushrods, and so on.
4. Forged crank, lightened, oil passages champhered, "knife-edged" counterweights.
5. Elimination/reduction of accessories. Electric water pump, removal of A/C, electric fan, aluminum underdrive pulleys, and so on.
6. Big radiator and 7qt oil pan. Heat will kill an engine.
The stock HO block will not put up with much abuse with its weak webbing and 2-bolt mains. Consider something like a Dart or FMS R302 if you plan on seeing routine blasts above 7000RPM.
Basically, the more power that can be sent to the pavement, the quicker and higher it will rev. Elimination of parasitic drag is essential. You have to look at what is inside the engine, as well as any rotational drag...right on back to the tires.