What events/class do you want to do? Check their rules before you do anything.
Scenario 1 - Get it out and see what is needed. I'd guess a bit lower, a lot better shocks, maybe stiffer. Good tyres always help. Being a ute you may well end up with some interesting handling traits.
Scenario 2 - Copy what Nigel Petrie did.
An AE82 racecar would still be a far cheaper, easier and more practical option. Then use the Hilux to tow it to the track.
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