Big cam, ported/polished heads, more fuel, more air, deck the block(or head), bore the motor. Higher octane fuel, Nitrous if your class allows it. Larger valves, lightened flywheel. No power steering, manual transmission, gears, roller valve train, No A/c. Im not sure what type of "racing" your doing with this jeep, but if you can get rid of the t-case, driveline and front axle and go to 2wd, that would eliminate the rotating assembly in the front, and that would reduce drag. or convert to locking hubs. electric locking would be best if you can find them. unlock while driving, lock em when 4wd is needed. Thats about all you'll be able to do. You'll be able to do it all with a MPI motor, but carburators are more simple. You can crank up the fuel/air mixture and not have to mess with a computer.
If i could find my book, i could give you the HP/TQ numbers for a stock 2.5L carb, TBI, and MPI.
Your going to end up putting more money into this than you probably want to, just to get a decent amount of power. i wheeled one with 4.10 gears and a 5spd for a year, it SUCKED.