Yeah i heard about that H8.
Alright, for a decent racing 50 theres a few aspects that need to be covered.
Firstly, a stock engine is barely going to get you around the track, so a limited 88cc bore kit would be a very good idea. Another thing not to be overlooked is suspension. Get some decent forks for it and a good strong rear. The main thing with nearly all bikes that size, is the frame. Reinforce it!! Strip it, weld some supports, some attaching to the steering tube, a bar through the bottom of the backbone and also on the rear shock mount, the last thing you want is your new shock trying to rape you when it breaks of and shoots through the seat. When your finsished, grind down the welds, and powdercoat it! Also, bars. Stock setup is not preffered for racers. Fast50's make good bar kits, so do Red Baron. You may also want a high rise seat/bar kit, Red Baron make a good setup for that. They also make killer sticker kits!! Oh yeah, a good carb would be a great idea, and a UNI filter to let it breath easier.
Hope this helps, sorry i cant recommend any brands for you as they are entirely different for you guys. I may have missed a few things, if you like you can check out the thread about my 50 and see what mods i've put on it, i race it and it's held up fine.
But the sad thing about it all is, with your current situation you may be unable to purchase anything!!
I don't know too much about that, im sure H8 could fill you in.