My opinion is that the cars were put together well, and, like any car, they will be strong performers so long as they are maintained and kept in tune. Your tranny will likely need a rebuild in excess of 110K miles or so. The motors on these cars are beasts, though like any other car, they can use conditioning/rebuilds past 100K. As long as you don't run too much boost for your setup, you won't have to worry about your motor too much. I've seen people with 200K unopened motors.
First do the spring cleaning procedures at gnttype.org. You need to buy ($200) or borrow a scanmaster or similar device to make sure your air/fuel mixture, knock, boost etc. are all performing correctly before doing any significant mods.
From what I've learned, the best mods to do to get into the low-13s are the following:
spring cleaning (see
www.gnttype.org) ($100 or less)
test pipe ($40) or hollow cat
K&N ($50)
now get a scanmaster $200 (or borrow one/use a shop)
then do fuel:
adjustable fuel pressure regulator ($70-$100)
walbro fuel pump with hotwire ($140)
now just up the boost and tune carefully:
boost gauge/knock gauge
adjustable wastegate or boost controller ($5-$200)
thrasher or similar timing chip ($25-$75)
air bag on passenger rear spring for suspension ($40)
You won't be able to run into the 12s with pump gas (and no alcohol injection). But, a low 13 car is pretty good on the street. If you want to hit 12s on the street, get alcohol injection ($300) or use racegas ($4 a gallon but really only practical and at the track). You will also need a set of drag radials on the rear ($300) so you can grip the pavement. Or you can get a bigger turbo etc. but I am assuming you want to stay as cheap as possible and still be quick.
Also, a tranny cooler will help with tranny durability ($50).
I am by no means an expert. I am just beginning the modding phase but I've done a hell of a lot of reading and learning on GNs since I got mine. You can get into the low 13s (maybe very high 12s) on the streets with under a thousand dollars in mods. You can get comfortably into the 12s on the street with just a little more but once you hit mid-12s you really have to start dumping money in for new turbos, downpipe, engine internals etc.
HTH
Scott