If you are low on money the only suggestion I see here that might actually work is the juice. Everything else mentioned is going to cost you an arm, a leg, one big toe, and maybe a few little ones. Go for a 150hp shot and you should be close enough that you can still read his license plate when he beats you. I mean, with an MG being that light making 450HP you'll never be able to do it with you current engine and stay N/A, unless your friend has some serious traction issues, and you're going to have to make a helluva lot more than 450HP to beat him if he doesn't.
Also... Get us some PICS (or better yet a video)!!!! I gotta see this MG!
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Gunning for 12's!
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