I did a bit of engine and brake tuning on my previous V6 Activa which I drove on the track quite frequently, even took it to the Nordschleife once.
The mods were not that extensive, just a stainless 3" cat-back, Viper cold air induction kit, grooved rotors, brake cooling and better brake pads. And of course fat grippy tyres on lightweight 16" wheels.
Cat-back added about 8hp throughout the usable rev range (dyno tested before and after). Probably wouldn't do that mod again due to the noise... not for a daily driver anyway. ECU tuning was also done on the dyno but there were no gains to be had. The manifold is most likely holding the engine back, but having a proper one made would've cost over 1000€. Might be cheaper in the UK though. Then there is the Clio V6 which has an engine based on the ES9J4... might have some features that can be transferred over. There has been at least one engine swap from a 255hp Clio V6 Trophy to an Activa, but I'm not sure how that ended up. Then there are the Catcams' cams... anyone tried those?
There is one 406 V6 Coupe here in Finland with a Procharger and water/air intercooler running something like 500-600hp... it has had some extensive engine mods, but I think the stock parts are good for 300-400hp. Except maybe for the clutch.
Even with stock power and grippy track day tyres I had trouble putting the power down coming out of corners, so I'd probably start with an LSD and add power later.
Brakes were the biggest issue for me, as there were no performance pads available for the 288mm front brakes. After lots of trial and error I found Ferodo Premier pads to be the best solution; no fade, and reasonable pad life after adding some brake cooling... I used air scoops that were designed for Astra/Vectra and attach to the lower control arm. They fit the Xantia with minimal modifications. Not sure if they're available anymore though:
http://www.migweb.co.uk/gallery/data/2/ ... Small_.JPG
I did buy the 406 Brembos but never got around to even test fitting them before selling the car. I do know that they would not fit under the stock wheel. And of course the Brembos don't have a handbrake on them... For the rear I was planning on installing Xantia estate rear brakes as they are slightly bigger.
I recently bought a V6 Activa again, but it'll need some work before I can even start thinkging about mods...