OK--here's my take for your serious consideration--somewhat grouped in order of priority (mine--of course):
A) Scanmaster 2.1 ($250) so you can properly do,
B) "Spring House-cleaning" ($100-250, whoever really knows!?,
Then you can logically proceed with;
1) Boost, oil pressure, & fuel pressure gauges ($200),
2) Walbro 340 + Hotwire kit ($140),
3) Adj. FP reg'r ($125)
4) Adj. WG controller ($90),
5) K&N cone air filter ($40)--under-hood mount just fine,
6) TTwk chip ($100),
7) Recommend RJC Pwr Plate here ($60)
8) Exhaust "test-pipe w/ dump" ($90) or Hooker 2.5" dual exhaust ($300)--or, what the hail, just do both...
Now, try this out on-track for 12's (w/ a 60-ft no worse than 2.0 sec) & see where you stand--then, if necessary, proceed with:
9) New valve springs (stock specs = OK) if anemic >4900rpm (($100?),
10) Re-stalled (say 2600 'ish) stock type-D5 converter ($250)--keep lockup,
Proceed to track again & if still no 12's (again, w/ decent 60-ft), then-- incrementally--try each of following:
11) Sticky tires ($300),
---->[If you're not in 12's by now, you have other issues]<---
For low 12's & better, proceed with:
12) 3" downpipe ($400),
13) 60# Motron injectors ($360?),
14) Alky ($150 used non-progressive, or $450'ish?, w/ new 3 bar MAP sensor),
15) A new TTwk chip after 13 & 14 above ($100 max)
l l l
v v v
16) Be prepared to redo tranny ($2500) + a beefier TQ converter ($500),
17) + anything else you broke along-the-way!!
OK, now you have it & it's out there for all others to nit-pick the PLAN--but sometimes the most difficult thing is to first list the plan--then it can be picked apart--optimized later. Plus, I'm sure I left something out...