Yeah good call on the 'Hoses from hell'.  Now's the time to do it.
BTW: Those cheap aftermarket dump gaskets are rubbish.  If you can, replace it with a factory one, you'll never have the problem again ;-)
Its also pays to inspect your dump pipe whilst its off, they often get little cracks around or from the weld joints.

Yea a fellow MR2 guy told me about the hose, it'll be here on Tuesday. My OEM gasket will be here in 2 weeks fortunately the local stealership hired someone with half a brain so getting the parts was easy. Too many people have said to use the OEM gasket so that's what i'll do. The dump is only 10,000kms old so no cracks or signs of wear yet.

Today's problem was to replace the slave cylinder. What a ***** of a job the two 12mm bolts that hold it to the box are impossible to get in, shall have to try again tomorrow.

This is a good build thread, always more fun doing it yourself, ive had similar problems with my car too, same year and its turbo, took me a week to take out my blown turbo and put a new one in, now coolant is slowly leaking from somewhere so gotta fix that next. long way til my car is aesthetically pleasing but yours looks nice, keep up the build man!

When I took off the old master cylinder it was really gross and some sludge came out, definitely not something you want to see in your clutch system:



I also got a picture of the engine mount, it was ripped on one side but then I just loaded the whole thing with polyurethane sikaflex 252. The car feels so much better now, particularly when I rest my hand on the shift lever it doesn't bounce around with peddle movement anymore:



I might have to do the others, I didn't get a chance to inspect. Now the hose from hell!! this was indeed as the name suggested however having the dump off made it a lot easier. I'm grateful for other sdub owners telling me to do it now. In the picture you can see the hose from hell in red and the hose from hell on earth in blue. I just cut the red one and used engine oil to lube the new one into place, took me a while to work out how toyota had supplied those clips but it was a simple 'fit the pipe, use pliers to pull clip holders off' and the job was done. A lot of stuffing around to get it where I wanted it though. The pipe in the blue was more troublesome at the end because you can see the previous owner must have lost the plier clamp and put on a hose clamp which meant that when I was putting it back together I had to use pliers with 2 degrees of movement to do the screw up. It's probably not torqued to spec but seems to be fine.

 
While waiting for the new gasket I painted the rocker cover so it went from this horrible chev orange:

 
To this:

 
I think it looks much nicer. I also ordered some goodies and took a picture of the cams because why not:

 

 
That gauge was damn expensive haha but it looks great in the factory spot. Fortunately the new quality gasket arrived and while it fits it had one too many holes :/ maybe toyodiy let me down I did say 1995 GTE :/ I think its the celica gasket:

 
Getting those dump pipe bolts back on at the bottom was impossible as you couldn't get a ring spanner or socket onto them as it wouldn't clear the pipe so I had to improvise, not all heros wear capes:

 
It certainly worked. I'd love to meet the guy who thought making the bottom of a dump pipe like this was a great idea:

 
While I was there I did the spark plugs, seems to be running fine, if anything a little rich?

 
And very soon I'll change the gearbox fluid and coolant with some decent stuff:

 
 
 
 

So bit of an update, I've had some mods sitting on the shelf and so I invited some mates around to help me install them. We did: Boost gauge, chrome dash bezel's, CF hydrodipped dash, fake momo gear knob, new red stitched shift boot, LED dash lights, LED interior lights, New PS relay, New side engine mount, Oil Change (Valvoline 10W-50 fully synthetic) and gearbox oil change (redline MT90).
 
Didn't get through all of it in one day but its all back up and running now :D. Can happily report that the car must be on the Aus computer as the boost gauge will only ever read 7-8psi. 

The engine mount on the side is a pain in the ass with that intercooler in the way, and that won't come out without taking its shroud off which is also a pain in the ass. It was easiest to damage the intercooler a bit with the rattle gun and use a uni-joint to do up the bolts holding it all together. The engine still moves around a little I may have to inspect some more mounts to ensure its all good. The redline oil seems to have made a big difference with 2nd gear, it'll still crunch if you abuse it but general fast shifting is a ok now. It's a bit weird with a smaller shift knob. I'll have to get used to it till I can find a genuine toyota knob from a rev5. 

Anyway pictures:

 

 

 

 

 
It does look like there are some hot spots and while yes they are there, its not as bad as the photo makes out. I will fix that in the future along with the alignment of the boost guage which is off by half a mil. I also need to work out how to get my dimmer switch working. The car never came with a switch to dim the dash so I got a switch from another MR2 but can't seem to find the wire that plugs into the back of it. My steering column wiring is a nightmare. I'll have to spend a day working it all out. 

Lots of great updates!

New LEDs look great - I wanted to put new 'Cool White' LEDs in my dash but I'm worried that my center console will look really dull/outdated in comparison. 

Which interior lights did you replace? I was considering doing mine sometime soon as well as a way of "modernizing" the interior a little