Weight reduction!!! Something often overlooked is location and what part of the weight as well.
Rotational weight has probally the greatest effect. This includes the manual fan and fan clutch, pulleys, dampener, accesories, engine internals, flyweel trans intarnals, clutch, driveshaft, rear end internals, rotors, spindles, wheels, tires, I am sure I am forgetting something. This all has a huge effect. When you move an object, it doesn't matter if it's in a straight line or in a circle, whatever, it takes energy to move it a distance, no matter which direction.
Unsprung weight should get second priority. It's hard for the suspension to work when it is hauling around alot of mass.
Weight location - Of course our car's have a weight bias. It's really bad on a fox body. By transfering wieght to the rear such as in a battery relocation, you balance it out more. Try to reduce weight the most on the front, it helps weight transfer the most.
Then there is the bulk itself. SO much weight can be reduced. My newer philosipy: If it doesn't make it go faster, or nessasary to hold the car in one peice, then that makes it dead weight.
My weight reductions to date: (in progress)
Bumper core and bumper shocks
Air bag sensors and brackets
Fog lights and support bar
A/C, P/S, A/P, w/ all components
Pullies
Washer bottle
Cruise controll unit
sway bar
OMG I could go on and on because that is only the front 1/8th of the car, and that isn't everything!!!
Lets say you have identical engines making 300RWHP. One car comes in around 3300lbs giving it a 11:1 LBS to HP ratio, the other car comes in at 2800lbs, about 16% lighter giving it a (correction) 9.3:1 LBS to HP ratio. The 3300lbs car will need 348RWHP to tie up the 2800lbs car, but the lighter car will probally get off the line a lot harder due to not having such a bulky front end.