I`m in the process of making one too. I`m going the other way though, I cut my stock frame in two and adding about 30" of tubing. So you can lay on it like a drag bike..
Run the biggest displacement motor you can, plumbed for Nitrous. The biggest shot without blowing the head off the motor will be 3-5 HP.
NX Express makes a good universal single nozzle, but you'll have to run a battery, as the external fuel pump and switches need a 12V power source..
Ditch the rear shock, and put a solid link from the rear suspension to the swingarm. Cut the front forks and lower them down also to balance the bike, and also think about adding a wheelie bar..
it looks like a completly different exaust system, it can be used because it doesnt have the suspension or use of a differnt bike. the one on top looks total streetbike style!