Hey vintageshack. looks like a cool toy man.
it does look like hobby grade shocks would fit and maybe even some good tires. i'm not sure going brushless would be a good idea but if you want to go for it. if it was mine i would stay brushed but upgrade to hobby electronics, get a better ESC and run it on lipo power but with caution because there is a good chance the gears are plastic and can melt from the power increase. you could even put some LEDs in those light buckets for nighttime runs. you should open it up and see if there is room for a servo up front. it kinda looks like the steering is setup on the rear of the front tires. if so the servo may fit pretty good.