For those who haven't read them yet (including the OP, apparently) here are the rules:
http://www.powerracingseries.org/rules(please read before continuing)
Section "2.7.1 Fuses" says:
No vehicle may have a total peak power consumption of greater than 1440 watts.
...
Here are the fuses that the race requires.
36v = 40A Fuse (Digikey #F3089-ND)
28.8v = 50A Fuse (Digikey #F3090-ND)
24v = 60A Fuse (Digikey #F3091-ND)
12v = 125A Fuse (Digikey #F1879-ND)
36V x 40A = 1440W
28.8V x 50A = 1440W
24V x 60A = 1440W
12V x 125A = 1500W
If the peak power consumption isn't allowed to be more than 1440W than how will any sort of fuse fiddling help? The supplied fuses can already handle that.
So mostly you're limited to:
a) Building a lightweight car and finding the smallest driver possible. (VERY important)
b) Learning to drive well (even more important than 'a')
...last of all, the electronics:
c) You can make sure you're drawing 1440W
ALL the time, ie. you need to be drawing 1440W even when you're braking and storing it somewhere ready for a power boost coming out of the curves. Rule 2.5 says "no capacitor banks" so this will be difficult.
You could
maybe spin up a flywheel with a motor during the 'storage' moments then use the same motor as a generator during the 'boost' moments. There's a lot of electronics knowledge needed to do that properly though.
In short, electronics 'cheating' is going to be difficult.
And: You can earn just as many points by building funny cars and dressing up, so...
rules from how you have so far described it
Hint: Try reading the actual rules. Messing with the fuse won't help because Watts are also limited.
(though I'm not sure how they can monitor the Watts when you're out on the track)
After watching the promotional movie on the site's front page, I would also pay attention to driving skills. Although you had a powerful car but you couldn't drive it efficiently you can still lose to less powerful car with a better driver and with less total weight.
This.