Mad-Mk1's right, there's a KAD rear disc conversion, available here:
http://www.minisport.com.au/prod34.htm - note that it states that the conversion is purely for a reduction in weight, not for improvement in braking capacity. Although, being disc, it'd also be handy for those who don't like adjusting their drums every few weeks (like me

- maybe one day, a long time from now...),
As Mad-Mk1 says, it's probably not worth going to fibreglass and perspex for a street car, and I'd imagine that there could be legality issues for the fibreglass as well, especially if you were thinking of a flip front or something like that. At the end of the day, it'd probably pay to look at just how much weight you're going to save with changing those things, and then figure out how much performance gain you'll get for it. If you're fitting a crossflow head (BMW or Elder), I'd suggest that you won't be short of poke, and won't notice a couple of kilos extra. Although you will notice the difference in cost and the extra work.
For the rest of the suspension setup, the best thing I could suggest would be to get along to a club event and see if you could go for a ride with some experienced people. Low'n'Blown's pointed out the Mini Muster up here (Brisbane) this weekend, I think there's some small do at Hay, as well.

But even if you made it along to the local MCC meetings and get to know a few people there... Everyone's got their own ideas on setup, but only you know what you can deal with on the street, and how you want the car to behave. If you're spending the sort of money we're thinking you will be, it would pay to have test driven the gear, not just taken someone else's word for it.
