Found this on the xbox forums, will test and confirm if it works.
Step 1: Buy the powertrain swap and every performance and handling upgrade (including 2-way Diff). I do not have any of the aero parts on it.
Step 2: Tune to these specs:
Front: 15 psi
Rear: 26 psi
Final Drive: 3.30
(You won't really get out of second gear, but those are all of my ratios anyway)
Front: 9.8 inches
Rear: 9.8 inches
Did not install adjustable parts.
Balance: 20% Front
Step 3: Find your favorite straight turn off Auto, TCS, and STM, and have fun. The best way to do a wheelie IMO is to heat up the tires until they are solid green in the rear. Then put it in second gear and once it hits around 35 MPH, hit the brakes hard for a half a second and then lay on the gas. Do this a couple of times, and you should get some decent air. I am not really an expert at it, so your mileage may vary here