How to build an advanced line following robot??

It could be done if you already know how to do most of it. What do you already know how to do?

Here a five dollar from the goodwill Line follower
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And here what keeps her on line
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Those loops are going to need some clever sensors and some major AI. Quite a lot more than I think you realise...

Given the time frame, have you thought about going in the beginner/normal line following, not the advanced class? Even the beginner class will have entrants with fast well designed chassis and that have been fine tuned over a couple of years to get even faster still.

i think i could suggest some thing.. i've already devoloped two lf robots....
i used a sensor qrd1114... 300rpm geared motors...(i suggest stepper motors for precision)
and atmega16 micro....i used l298driver.... but its ok if u use l293....l298 is required oly if u use higher voltages nd current values....if u want to make ur line follower more advanced...try adding schotty diodes n thyristors.....