Chip, the main problem with a RWD cossie is squat when you launch. The back end dives and the wheels go in the arch with MASSIVE camber. This leaves you with a smaller tyre contact patch than the average Renualt 5 Campus.
There are a few cheap tricks to solving this. Lee (Tib) uses towing 'spring assitors' to great effect, and has done a 0-60 in the 3 second mark in a RWD Saph. Another great addition is the shims that Mike R sells. Once the car is lowered it always has camber on the rear wheels. The shims basically push out the top of the hub to reduce the camber increase the tyre contact area, although you will still get camber as the suspension rises in its arc, but it is reduced somewhat.
Both of these methods have been tried and tested and will cost you about £20!
The next thing to look at is some sticky tyres, i'm sure you know all about those and how important they are.
After that you are looking at getting a new rear beam either Ahmed or Zoo Motorsport type. It will set you back in the region of a grand though!
Either way power has very little to do with it at all. Danny B has run a 12.2 at 114mph with a stage 1 setup (270ish bhp) if I remember correctly - but he has a very special back end on the car!
When my Saph was at its fastest, in the dry at Brunters it could only put full power down in 4th gear, using Koni rear suspension, standard beam and 235 wide Yoko tyres.
EDITED TO ADD: The only problem is, once you get any sort of grip you will blow the diff to peices off the line, even with stage 1 it happens!