There are (in the karting world) generally 4 levels of preparation.
Fiching - using the engine components as supplied with that engine but setting the engine within the fiche limits by only machining certain items if allowed. [A fiche usually calls up a wider set of dimensions than a blueprint so that all components, whether at max or min tolerance, can be used and allows a stack up of tolerances on a number of components to still be legal.]
Selected parts fiching - as above but also selecting the best component (from a number of components) on those components where machining is not allowed.
Blue printing - as pccsystems said, bringing each part to its optimum dimension as per the original design intent (ie the "blueprint")
Open-tuning - modifying certain components outside of the original design limits.
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