[Backtobasics]

When you get into the engine, I would like to see modification to improve efficiency, and reduce parasitic loses. Oil drain back tricks could be considered, perhaps even tubes to return oil to the pans without dumping it on the crankshaft. Knife edging of the crank would help too.
I would love to see the benefits of a max ported head. I am not advocating a hog out, but a complete stream line and bowl blend, especially on the divider in the intake runner, that separates the valves. I would think that a modification of the oil pan, to drop it down (extended oil pickup of course) to let the oil pool out of reach of crank would also yield benefits.
As I recall INDY has a replacement intake manifold, that let the engines breathe. I don't know of the CARB, but it would not be too hard to get smogged, and switch it over for the other 364 days of the year.