Hey redman you ever run a mgt?
FG fan if you going to race you will need to change your tires and you will have to adjust your setup.
Grease in the front diff, 10k oil in the rear diff. Red springs all around and 50wt in the front shocks and 35/40 in the rear. A foward only conversion would help you out alot, and you would lose some weight.
This will give you a good base stup that you will be able to work with and be competitive enough until you get your driving skills down. After that there are a bunch of things that you can upgrade to help your truck.