As a engineering graduate who used to work at a product development company, and now races Rotax, I’d think that I would have all sorts of ideas, but everything good is already made! I do have a few ideas; I’m not sure if they exist already, or what manufacturing capabilities you have (3D printing? etc), or how much engineering your looking for, but…:
1. Better composite sprockets: They are very light, and help acceleration, but people complain that if you go off, it WILL break. Perhaps use a new composite material/FEA to make a stronger one.
2. Better bodywork. Most body work isn’t well thought-out aero speaking, so maybe optimize the front/side body work for better airflow.
3. Oh, here’s a good one I almost tried making myself: Fuel tank baffles. Prevent unnecessary weight transfer by keeping the fuel from sloshing around.
These might be a bit lame, but maybe I’ll think of some more later. At least mine are better than Walt’s!