I'm looking to purchase an MR2 some time in the next year, and I'm just wondering what should I try to look for when I go to inspect a car. Generally looking at the 94+ Bathursts N/a as the P plate laws mean that I can't get a turbo. 

For a 20 year old car, one that has been garaged would be obviously be better than one that's lived in the open for paint cond, rust, leaking targa tops etc.
Also considering the type of car it is don't put too much faith in kms on the clock, since that won't tell you hard it may have been driven or how badly it may have been maintained.
To find out about that, an RACV or NRMA type full test would be good if you can arrange it.
 

Is there an absolute maximum amount of kilometres that I should probably stay away from? It was my understanding that any car over 200,000km was something I should stay away from.

Dunno, I bought a Toyota with 250 on the clock and it's just clicked 350 and is still a good car, although clutch is crap. while I'm not suggesting a high milage car it certainly shows what good regular maintenance does. So be looking for a history there.

Go as standard and as late a model as possible, unless you want a hard top. 

My two cents

Coming from a P plater who also bought a 94 Bathurst, I'd recommend you go for a 94+ G-Limited. The Bathurst is the more racecar-spec model, but in a good way - no power steering, lame hard seats (regular are plush and fluffy_ and having no centre console box is more of a disadvantage than anything.

Bathurst is still good, but I'd have picked a G-Limited if I had a choice; only went Bathurst since it was a steal! ($4700 with rego/rwc compared to $6000+ for a G-L)

You'll find everyone has their own opinions (which is fine), but...
 
I'd always recommend a Bathurst over a Japanese import G-Limited for many good reasons. First off, being Australian-delivered, it's highly unlikely to have had the odometer wound back. You can almost be guaranteed that any Japanese import will have. Second, 2nd-hand import cars from Japan are more likely to have more rust than Australian-delivered cars. Third, the standard Bathurst N/A engine has more power than the G-Limited N/A engine. Fourth, no power steering not only feels better, but also means the car is lighter. Fifth, the centre console box sucks!   
 
The earlier Australian-delivered G-Limited also doesn't have the Gen 3 front lip and tail light upgrades, which to my eye look far sexier.
 
But… like I said, each to their own.

Chiming in for the Bathurst edition. The manual rack has more feedback than the Electro-hydraulic power steering.  And they're lighter than JDM models!

mister2
You'll find everyone has their own opinions (which is fine), but...
 
I'd always recommend a Bathurst over a Japanese import G-Limited for many good reasons. First off, being Australian-delivered, it's highly unlikely to have had the odometer wound back. You can almost be guaranteed that any Japanese import will have. Second, 2nd-hand import cars from Japan are more likely to have more rust than Australian-delivered cars. Third, the standard Bathurst N/A engine has more power than the G-Limited N/A engine. Fourth, no power steering not only feels better, but also means the car is lighter. Fifth, the centre console box sucks!   
 
The earlier Australian-delivered G-Limited also doesn't have the Gen 3 front lip and tail light upgrades, which to my eye look far sexier.
 
But… like I said, each to their own.

I can definitely agree with you about the rust, and odo meter statements. Aussie-deliveried is best known for that. I thought the G-Limited and Bathurst both came with the 3rd Gen 3sge however? What engine does the 94+ G-Limited come with then?

Power steering is a debatable topic - it feels good on a daily drive but tight paring spots (my Tafe) make you wish it wasn't non-P/S. As for the console box, I wouldn't know - I don't have one haha

Well I'm not too fussy about the power steering, I'd love to drive a car without it because I think that it would feel like more of a journey every time I drive. What's everyone's opinions on the power/ torque of the Bathurst? I've heard they are a bit gutless.