Another vote for some tuning.
I wouldn't run a bigger gear. The pinions get really small. Not sure if you're running a C4. I'm not very happy with the gearing in mine but alternatives are costly and take work.
Losing weight isn't a bad idea either. Yogurt, exercise, alum beadlocks, blingy parts, you know.
Are you going to be racing on dirt or pavement? The stock 5.0 isn't a rocket but it moves the EB just about as fast as I can manage it in the dirt.
There is always this. 500hp for a mere 17k
http://www.brothersperformance.com/...-engine.html?gclid=CPvCtJXrhs0CFUgkhgodinALjQ