I was able to get a 1:30.930 with this setup. It is a qual setup and only has enough fuel for 8-10 laps. You have to give the car a lap or two to get the tires and brakes up to temp. Also a well rubbered track is probably a good idea too.
Also I did this with NO AIDS. No auto blip, lift, or clutch. I was using my H-shifter and heel/toe driving. I would like to say that I am just this good, but it probably was a lucky lap after a bunch of practice laps to get a good feel for the course and corners.