Keep in mind, that an IT prepped car is closer prepped to the L2 or Limited Prep specifications.
When I converted my VW A1 GTI from ITB to GP, I was able to go with a hotter cam, different pistons to get to 12:1 compression, and run on slicks. I moved the battery to the passenger area, and installed a fuel cell and fire system.
Now, you can get by with out going with the fuel cell, if it meets certain specs.
I ran the same suspension and tranny, so it was a cost effective "upgrade" for the ability to run Nationals. Is it competitive? That all depends upon what you consider competitive. I still am racing against my self, and the track, along with others in my run group and class.