My 2c.
Improve the suspension and brakes. learn how to tune your suspension and steering.
Strengthen the chassis. Bracing kits
Reduce weight in the cheapest way (alloy bolts(kits available), improved wiring, removal of non essentials is the easy first step). Other options include, small light weight rims and lightweight semi slicks, alloy brakes, light weight seats.
Get driving lessons from the instructors at each track or just come to the track with us.
Once you can do a 1.13.4 on street semi's (as Adrian and Ian do with their untouched NA's) then you can look at engine upgrades.
The guys have the same cars with each having a performance advantage in different area's but are both lapping the same times. You would be door to door with these guys having the time of your life and you would only change the pod filter (after suspension upgrades) at best.
The money you would spend on the engine will equal at least ten track days having a ball with us.
Remember that both Adrian and Ian were in the top ten at their last track day together so an unmodified (engine) MR2 is a quick piece of kit at the track.
 
So don't get carried away with the engine as it really can be a bottomless pit.
If you are set on upgrading, get a V6 installed. If your not concerned about what make of engine there are some lighter more powerful options that can be fitted. Honda is a great choice with excellent after market resources but the Toyota 3.0ltr or 3.5 would be quite OK. Highlander's 3.5ltr was driven by the local instructor who stated it was a 1.06 car for Wakefield. Vinny's stock 3.0ltr (I drove the car and it was not nice to drive) was doing 1.12 if I recall. It would do a sub 1.10 if it was set up correctly and it was bog stock with poor geometry/suspension settings, stuffed tyres and no brakes. 
 
You should come down next month
 

Gatesys SW20
Not particularly

I can get aftermarket injectors, for 650$
600cc through contacts at work,
Bc cams are 380$
And a rebuild kit again from work is 1200, forged interns pistons,rods,gaskets,seals,studs and main bearings

That's nice for them :)
I've been smoked by stis and silvias then blown them away in the corners in my Na
So I don't really care who had the biggest dick

Dont forget fuel pump, ecu tune, dyno, machinist, actual engine build and install. Will also need a clutch.
 

I think you hit the nail on the head Steve

That's my plan ATM.
To work the suspension,
And improve my driving ability, and maybe a baffled sump and better oil cooling

I'm very keen to get back out on the track

Ill be making sure the engine is performing at optimum
I may whack an exhaust on there to improve breathing

And re port my second intake manifold like I did the last :)
That made a noticably difference

But yes later on I might buy a second engine and strip it clean It
And tinker with it :)
Maybe not to that extent just forged internals and some mild cams a piggy back and a tune,
Will do fine :)

Ill strip some interior out
Rip the cruise control system out of it might go recaros

Will put light wheels on it,
Will perhaps buy a three piece roll cage and some better bracing

But really all I'd be happy with ATM
Is a set if coilovers,sway bar bush kit, ball joints tie rod ends
Crash bolts some nice light wheels and leave the rest stock :)

Gatesys SW20
Fair enough chase
I just loved the raw feel of the Na
Te responsiveness mid corner in lower rpms
Rather then waiting for boost to hit
Each to there own :)

But on the other hand I loved the spooling then hitting boost
Being pushed back in my chair an it going like a rocket
Then off throttle and the waste gate psshh
It was great.

not really sure you have driven a proper turbo.. there should be no lag on a turbo with exhaust and intake specially the gen 2 with the smaller turbo. theres no waiting for the boost to hit as such.
after driving an N/A for the first time few months ago.. (TREES beams) it revs beautifully ill give you that. but it would get smashed by my reasonably modded turbo any day. any corner. any dyno.
even Tree agreed that the turbo was wayyyy better, it was also his first time driving a turbo
as for maintenance, if its not been tampered with too much its really pretty good.
but in saying that i love a high revving N/A. each car has its own merits. but your certainly going the wrong way if you want power. fun yes, power NO..
i will also add, i personally seen an N/A gen 2 smash 3 very reasonably to heavily modded turbos on a track day.. it also comes down to the drivers.

What do you mean a proper turbo

I own one.
It's stock standard stock air box stock exhaust
And has nothing until about 2500rpm
Stock timing also
It putndown 152.4rwkw at 10psi of boost
My partners uncle owns one if Newcastles biggest most respected dyno shops

And has 162psi across all four cylinders

One thing I find funny when people brag about being good drivers over the net
Aaron and his adub were pulling 1.13-14 lap times at Wakefield
That's INSANE

I'm sure your turbo goes, and I'm sure your not a terrible driver
But please don't pull it too hard it may fall off ;)

Any who, I loved my Na
Personally it was better
I'd say because i did every piece of work to it
It never went to a shop, never as touched by a mechanic

A lot if blood,sweat and swear words were instilled in that car
And that's what owning one is about

Not building a massively Powerful turbo that you will only use the power once every now and then
But then there will always be something more powerful
And faster
Look at mr2qik his car is a weapon, and he gives it a squirt every once in a while, as I was told by the man himself
Sure it's awsome and very impressive
But I can flog the guts out of my Na
Blow away the odd turbo threw some corners
Make me smile
Lift off a tiny bit mid corner so it starts to come around straighten up and stomp on it and have the best time
Get home let her cool down switch her off and do it all again tomorrow
And not worry about boost issues, fuel cuts turbo wear
Turbo exploding etc etc

What do you mean a proper turbo

I own one.
It's stock standard stock air box stock exhaust
And has nothing until about 2500rpm
Stock timing also
It putndown 152.4rwkw at 10psi of boost
My partners uncle owns one if Newcastles biggest most respected dyno shops

And has 162psi across all four cylinders

One thing I find funny when people brag about being good drivers over the net
Aaron and his adub were pulling 1.13-14 lap times at Wakefield
That's INSANE

I'm sure your turbo goes, and I'm sure your not a terrible driver
But please don't pull it too hard it may fall off ;)

Any who, I loved my Na
Personally it was better
I'd say because i did every piece of work to it
It never went to a shop, never as touched by a mechanic

A lot if blood,sweat and swear words were instilled in that car
And that's what owning one is about

Not building a massively Powerful turbo that you will only use the power once every now and then
But then there will always be something more powerful
And faster
Look at mr2qik his car is a weapon, and he gives it a squirt every once in a while, as I was told by the man himself
Sure it's awsome and very impressive
But I can flog the guts out of my Na
Blow away the odd turbo threw some corners
Make me smile
Lift off a tiny bit mid corner so it starts to come around straighten up and stomp on it and have the best time
Get home let her cool down switch her off and do it all again tomorrow
And not worry about boost issues, fuel cuts turbo wear
Turbo exploding etc etc

Don't get me wrong
I enjoy a turbo
But I love the Na they sound great and with some money can hold there own
An still sound sexy

But again you will never beat a boosted engine

I may do a turbo swap I may build an Na I may buy a supra and spend 3-4k and get 600hp

Ill probably not
I may just do some minor mods to my current one
And save my money for tracks days/breakages being a 22 year old car.

Who knows :)
I change my mind a lot
I just think everyone gives the nas a hard rap
There an awsome car, and on ps legally you can't get much better

No harm meant to anyone :)

i did say a turbo with a intake and exhaust.. thats the least i would be doing with a turbo.
by a proper turbo i meant one thats been modified, no point comparing a worked N/A to a stock turbo.
all im saying is you can get more out of a turbo with less money than you can get out of a N/A. at the end of the day all depends on what you want from the car
there a reason a lot of the guys do turbo conversions.
anyways its your car and money so do as you please..
ps - pulling pushing, shoving etc. its all part of life mate.. if it falls off you pick it up fix it and keep going.
 

Well this is obviously not a pro-Beams forum LOLOL. But in my (car's) defense...
Honda's 4 banger NAs are top engines so yeh Beams loses to that :'( but then Honda drivers are...anyways
(jokes)
Yes okay the turbo rocks but I didn't say it was "wayyyy" better lol
 
"but it would get smashed by my reasonably modded turbo any day. any corner"
Big claim my friend lol. I'll let the cars do the talking next track day or Mt. run, then we'll talk ;)
I think an NA could match a turbo in a corner due to less weight both on similar suspension with the same driver

My old N/A was awesome. A nicely powered and handling car to learn with and have a lot of fun. But not in any situation, on any day would I trade my turbo for one.