Build the bottom end, add a gt35dbb turbo. Make sure the fuel is up to the task and have it tuned by a professional. Back it up with a built LS trans, upgrade the clutch, mounts and axles and you're most the way there. Expect to spend $6-8K if you turn most the wrenches yourself and you should be near 400hp+. Sticky drag radials and good technique may get you 12-sec timeslips.

I'll save you the trouble of the Int/header/full-exhaust. Yes, they make a better difference than stock but if you buy these new figure on $1K or so. For... wait for it.. 11-14hp! Don't believe me? Pick up a copy of any Super Street Magazine on a N/A 4cyl. Most are gains of 7-9hp and 2tq for $800. Like I said, save your money for the turbo.

To save everyone else the trouble, yes you could build a V8 for a lot cheaper and make it a lot faster. Not to mention the extra cubes come with the by-product of this wonderful thing that helps get the car moving called torque. But that's not always an option for some guys. So they have to build what they were given or can afford.

Good luck with your build and most of all have fun & enjoy it!

Seeing that scrap prices are still fairly high. I would trash it and get an AMERICAN car and support the country you live in. Or you could just drive that japper back to jap pan. Is nopi-vision still on for ya?

V-8 Build WAY CHEEPER!!!
I've had 1100HP 10K total cost BBC