Not much can really fail with a W2A system. There's really no sacrifice (certainly not with the frunk). Mine's been doing perfectly for the past few years. No affect on coolant temps either with the heat exchanger up front. The only potential fail item is the water pump (most use bosch) & they're actually marine grade & I've yet to see one die on a W2A setup (a few of us are running similar setups). Many have tried fancy shrouds, water sprays etc etc for SMIC's, but the reality is, it's just too small & in a bad place (near the dump pipe). If you're in Sydney, I can put you in touch with someone to do the W2A cooler for you (they did mine & a few others too). If you go the RacerX route, you don't have to get a reservoir (I'm not running one - no probs).
I really wouldn't change the HG or head studs at this point, nor the timing belt if it isn't due/suspect. It is a good idea with Gen2's as they don't have a MLS gasket from factory, but you're fortunate & have a Gen3.
As for the ECU, try Dylan or poke around the forums/ebay for a Power FC. They're probably the cheapest proven option (if not a bit dated), but combined with a handcontroller, they're quite a good ecu. Great for driveability, installation (plug n play), price, monitoring (via HC), just not flexible like the newer breed (no flex sensor potential, knock response etc etc). If not going that route, I simply recommend Haltech because the best tuners I know take preference to it. Hitman (arguably best MR2 tuner out there) works for Haltech. Guys like GAS & PowerTune all love using them. In fairness, you wouldn't go wrong with a Vipec, Adaptronic, Motec or Autronic as an alternative, but I just take preference to Haltech. STAY AWAY FROM WOLF!
Btw, nice SW20! I think I remember that one when it was up for sale in ACT.