Chassis. Pinch some design ideas off various buggies, then get someone to build it. You dont want your bird poop welds snapping mid comp.
Wheelbase? 112" or 116" - Slightly smaller wheelbase might give you an advantage.
Engine. V8 is almost a must
- Get the smallest v8 you can find. 5L is too big IMO
What about front mount, rear mount or mid mount? A small block v8 might still fit mid mount. Mind you with a lot of the buggies there is only a 20cm difference between mid & rear mount.
Diffs. Have a look around, how many people are breaking diffs on buggies? Dont think you'll need to go the mogs/rockwells. Volvo portals?
Suspension. - Coil overs. K.I.S.S.
Control arms setup: That's really dependant on the chassis setup you go for.
T-Case - Beefy is good, but you've got to watch the weight.
17" wheels minimum, 37/38s. Keep it light.