I'd like to convert an RC8 to a full-on brushless, lipo competitive buggy (against Nitro RC8s)

I'm not sure what I'd need to do this conversion. So, I'd appreciate some help. I see that from Novak you can buy a complete conversion and electronics. I'm curious if that would be a competitive set-up?

If not I'm looking for advice as to what would be the "killer" set-up and exactly what parts I'd need to do this!

Thanks!