Driver Technique, Tires, Suspension, etc...
Once we start to get into 12 second territory....
1. It's about power to weight ratio.
2. It's about whether or not you can transfer that power to the ground with the right tires and suspension.
3. It's about drag at top end.
4. It's about the driver.
With Dave still on street tires (right?) I don't think he can dip into the 11s. The Lotus Elise does not have drag suspension, and with it's lightweight, harder to transfer power to the ground (higher tendency to spin out tires).
With some drag radials or maybe even R-compound tires and launch control, I'm sure it is capable of 11s.
I used to have a Honda Civic that made over 230WHP N/A. It could never drip into the 12s with street tires. Granted it was FWD and a 2300lb car..... With drag radials or R-compound tires and some suspension adjustments, it was a mid-12s car.