what kind of power am i makin here?

If you can't make the motor any faster right now, why not try to lighten the car if you can.
I haven't seen your car, or know what's all on it, and I don't know how serious you are about all of this, but here's just some crazy ideas.....
Basically take out EVERYTHING you don't need to race the guy.
Do you need a back seat, seatbelts other than the drivers, a passenger seat, spare tire, jack, tools, the heater core and box, carpet, center console, front swaybar? Do you have to have a front bumper and brackets to race?
Are the front seats stock, or are they light racing ones? if they're not light racing ones can you borrow at least one?
Are you running steel wheels or aluminum rims? If you got steel wheels do you have any friends that have some light aluminum ones you can borrow, especially some pizza cutters for the front?

If you can't buy or borrow some lower gears, can you borrow some good soft compound tires, or better yet some slicks that are a little lower profile to give ya the same effect as going with a lower gears?

Some of these ideas may be a little overboard and are only for the truely sick and twisted Racers, but maybe it will give ya some ideas.
Good Luck, I hope you wax him!