Buzzer,
No one can doubt your enthusiasm but I hope you realise the actual budget for your project? If you have no timeframe or 20k sitting idle ready to go, its all good.
From what I know, the 2ZZ is a good little engine but to produce decent boosted power but is a very sensitive package where many guys with big budgets have experienced numerous failures. These engines must be prepared perfectly and tuned so, or you will break it.
Just focus on a tight chassis, excellent suspension, braking package. Go to some trackdays, driver training to see exactly where your skill levels are as this can save your life and put the idea of mad power a few years down the track once you have completely mastered chassis control.
Yes its a shameless plug, but come along to the MR2 Trackday Challenge in January 2015. At least you will meet up with 25+ MR2 owners and drivers in a environment where you can drive hard, watch and learn everything about driver control. It would be the best thing you can do. There are at least 6 circuit cars there with different spec's to see what you can do and what direction you could follow. Same goes for all the standard, mild and wild tuned road registered cars. 
 

I think your build is very hard for people to understand that have built cars themselves because usually people either try to build a street car or a track car. You are trying to build something that crosses over into both from what I gather of everything you have written (and removed) to basically build what you see as "the ultimate MR2". That in itself is hard to understand as the question WHY??? will keep coming up to almost everyone.
Here's the thing I can see why people like the MR2 but it is by no means the best car on the road especially in comparison to newer euro spec cars etc....however I like many people on here really like MR2's (SW20's and AW's) and I have an expensive daily drive that is better then the MR2 in everyway but I still like the MR2. I like its faults and I love driving them however you want an a MR2, then want to change everything about it from the way it looks, to its engine, gearbox, interior, basically everything about the whole car, spending massive amounts of dollars but WHY???? when you can just buy a better car that is more closer to what you are after? Ultimately you can't get 16k even for your car currently even after you spend 20,30,40k on it you still probably would struggle to get 16k for it.....So in all seriousness I'm trying to understand why???? It's not a dedicated track car your trying to win a championship or events with and its ultimately not going to be a fantastic street car.

LOL actually I'll correct that, if you do spend $40k on the car, you will win the .......
MR2 Trackday Challenge in January 2015.
But I mean in a race series and club events with other makes.

Just buy a lotus.

Build what you want!
You will either achieve what you want and enjoy the car or you will spend a lot of money and be disappointed.

track_mr2
 You are trying to build something that crosses over into both from what I gather of everything you have written (and removed) to basically build what you see as "the ultimate MR2". That in itself is hard to understand as the question WHY??? 
I like its faults and I love driving them however you want an a MR2, then want to change everything about it from the way it looks, to its engine, gearbox, interior, basically everything about the whole car, spending massive amounts of dollars but WHY????
So in all seriousness I'm trying to understand why????

 
Because he's young, dumb and full of non mortgage and family related expenses and responsibilities? 
 
Everyone has big dreams and possibly silly ideas at times, could you imagine robk, mandalay, glenn or b24 trying to explain what they wanted to do/have done and money spent on their obsessions to a nissan driver? Would not compute.