I used to run a Pro3. My first car when I got back into RC. It's an old, old car now though, I doubt many are still racing them.
Brushless motors are the same basic size as brushed ones so I doubt there will be any trobles fitting one. The Pro3's were a pain to fit NiMH batteries in so a square cased LiPo might be even more difficult.
As far as the parts go, eBay or old shop stock is your most likely source. The diffs outdrives were quite prone to damage if you didn't put bump-stops on the shocks.
Personally speaking, I wouldn't race a car that old unless you completely accept that there will be days you go home early with a breakage and with no chance of finding spares for weeks, months or eternity. I'd have it on the shelf as a curiosity of RC history.
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