You've got a lot of room for improvement there.
If it's drag only, consider using a solid strut on a single a-arm for the front.
If you want shocks up front, you can still get by with a simple single a-arm setup but you're a little more limited in where you can ride.
Having a shock in the rear can sometimes help launch and control.
Marvin shaws are a good lightweight option.
I guess the question is how far do you want to go with it?