absolutely on the right track. depending on how serious you want to get you can go a long way. great car. fun car.
make sure you have good brake pads that work right out of the box cold but don't fade; leave the small brakes on. Lots of threads on pads.
you will have a lot higher potential with MUCH more negative camber up front, -3 degrees or so, with all the caster you can get; go for 7 degrees. toe it out about an 1/8 inch for starters.
At the rear you'll want about -1.5 degrees negative camber and zero toe.
Once done, you will likely find you want a smaller rear bar.
these changes will get you much more stability in transitions where you want it, but the ability to point the car into and out of corners the way you want, without unnecessary wheelspin and without push.
next thing in the high returns department is some light 17 or 18x12 inch wheels all around with good tires.
if you have trouble keeping it balanced, shocks could be next but are expensive.
weight is next; take out everything you can under the rules; though I would not go with a mini clutch if you still want to street the car.
next is gearing, you want to be able to run all courses in 2nd gear. I think the car is good stock.
finally, and maybe most fun, is power. Ultimately an LT4 long block with good headers and intake is what you'll need.
the biggest things of course is seat time and good instruction; i'd put really bad tires on it and find a place to drive them right off the car. ride with good people. go to the Evolution schools.
put all that together and you have everything you need to win BSP and have a blast.