Little trick is to run the AC for a little and the engine will turn off economy mode, and run full power, turn off the AC and the engine will still run on off economy for a little bit but not wasting it on AC and more power to the wheels. I don't know what Year steed you have but I believe it works 94-98.
Take out the spare and rear seats, makes you lighter. sound system can be really heavy too.
best thing to do is try to ram your opponant off the road and win the race that way. go baby go go!

( don't really do that)