Don't downshift for bus stop, stay in 4th. Brake earlier and turn in earlier, in a wider arc. Just doing that should shave 1-2 secs from your lap time.
2:07 with just tires/pads/fluids is doable but takes considerable skill:
http://www.86cup.us/records/
I agree that 2:09 is a great target to set for yourself before you spend more money on parts. Although I'd probably do camber bolts and get an alignment right away.
Here's a 2:07 from @
CSG Mike with minimal mods
[ame]http://www.youtube.com/watch?v=VZpWlSp2Hvc[/ame]