You can use:
Stiff springs and 1.5 degree tie rod
soft tread or hard slicks
have the batts all the way up
2WD for a long drag race
AWD for a shorter drag race
180s motor
Xmodspeed nitro-charger (havent tried it yet)
All I can think of right now
PS: I think the longer cars- Supra and Skyline are best for drag
I also think the RSX and the Civic are good for drifting.
Peace