I have a Tamiya TT-01 chassis, and so do some other people. It is 4wd (never try to drift 2wd's, it doesn't work) It runs about $90 lhs's for the kit.
For drifting, you dont want a high rpm motor. You want a motor with torque. I am using the stock motor from my tt-01 and it works excellent. Otherwise, the silvercan 540 motors are good. If you want to race also, get 2 different motors.
I use pvc to drift. It is a bit unrealistic, but works well. Most of the people on the other drifter forums, and in the SG-Drifting videos use ABS. It is black, so looks more realistic, and it slides a bit less because of more grip.
I would say look for a 4wd chassis, stay with a high torque motor, and get abs tires.
and if you need to know how to mount the abs on rims, this is how I do it and it works great:
You need some 2'' diameter pvc or abs pipe at least 1 foot in length. Take your abs or pvc pipe, and get one of the following tools- pipe cutter, miter saw. I am sure there are more out there that work, but these are the best IMO. Cut 4 wheels out that are 1.5 inches thick. Then what I do is take the rims i am going to use, and wrap both sides of the rim about 2-3 times with electrical tape and then fit the pipe over it. You want enough tape on the rim so that it is fairly hard to get on. I end up putting my whole body weight to get them on... You want it to be on there very securly, so if you drift on a cement road, the pipe doesn't come off the rims. So if the pipe goes on really easy, take it off and put more tape on the rim, until you have a nice snug fit... Hope that helps.
-Pat (redhatman)