Checked out the Jekyll and Hyde site, very good.
 
and thanks Dennis for the comment.
What is  the feeling towards standard imported factory turbos ?
Reliable / not necessarily,  enough urge / gutless, (ie not worth having the turbo) ?
Do they comply with ADR ? Do they have all creature comforts eg A/C ?
 
or is the verdict that you can do waaaay better with non-factory, just gotta wait and keep looking ?
 
cheers everyone, you have all been really helpful, thanks

Have you considered the V6 path?
This could work quite well for you.
If you are looking for weight reduction the best place to start is with a hardtop fitted with a 3.0 V6. As for how far you wish to go with weight reduction is up to you. There are a few threads on the forum regarding both the V6 and the weight reduction options.
There is also a list of cars from the MR2 trackday where they were weighed-in at the start of the event. This will help in giving you a ballpark on what you are starting with and where your car could end up(weight).
If it was me, I would not bother with light weight panels for reduction. Its the most expensive way with not much gain. Lightweight brakes and rotor hats, light weight wheels and tyres are a good starting point.
Depending on how comfortable you would like to enjoy your daily ride will effect ow much weight you wish to loose. Removing A/C, power steering, replacing brackets with light weight units, trim all the bolts back, replace non load bearing bolts with alloy units, replace fans with light weight units, reducing the wiring system are all things you can do yourself and manage some good gains but can effect your daily driver comfort.
Good luck!

 
The V6 is a great option and it does fit without too many issues. Three are kits available and a few threads on the conversion with people ready to help if needed.
The 3.0 can be managed quite well by the NA gearbox and it can be adapted to the Turbo gearbox if required. There is a guy who races in the U.S. who fitted the 3.3ltr with VVTi heads with excellent results. Also sounds a treat. It is the same block with different stroke. This package will save quite a few kg's as opposed to the 3.5 V6 or turbo.
There are a few 3.5ltr(Evora motor)V6's SW20's in Aust and around the world with kits available too but it requires a lot more investment, similar weight to the 3SGTE.
One of the guys in Sydney has an excellent example with a 3.0 SC SW20. The best V6 conversion I have seen and very competitive at trackdays. Highlander/Peter, has a ex Ric Shaw built SW20 production sports race car with a 3.5ltr fitted. This is as quick as the 3SGTE's at the tight circuits. Not sure how it would fair at the high speed power tracks.
The last option (I can think of) is the 2AZ/2.4 ltr NA. It's an all alloy block/head/VVTi/light weight. It would be a great NA package and a proven performer with a hair dryer attached.
There is another option which the purist's do not favour. This is the Honda conversion (2.4 integra). Lighter, faster, exhaust on the correct side of the engine and a ton of after market support. You can also find info on this conversion.
 
 

Early in December, I bought a turbo version from Dwyer125 who lives near Warnambool. A factory import. Mr Dwyer had the engine and gearbox out when he first contacted me and the deal was that if he would drive it up to Sydney and it wasn't making noises or belching smoke then his rebuild would pass the test.
 One Saturday evening he arrived after a long day on the Hume. The next morning we went for a drive down the Old Pacific Highway, popular amongst Sydney's motorcyclists, with a pristine surface. He drove down to the Hawkesbury River and I drove back. It was fast and well behaved.
 The car needs a few things tidied up, like trims etc and I want to go over the suspension which is stock.
Mr Dwyer is/was amazingly helpful in answering my many dumb questions.
 
One question I have : is there an easy/cheap way to get hold of the various plastic clips that hold linings, panels, wiring, etc in place throughout the car ? I suspect if I have to buy them from Toyota they will be ridiculously priced.
 
 
 

The clips for the SW are still available from Toyota, and are relatively cheap.  Yes, you can find eBay bargains, and most of the time they are the right size.  I've got a 90% success rate on this, one bag was "just" too small and the clips dropped out of the holes . . .

TwoDogs
He is 14 and into muscle cars, I explained that I don't have the money to do a Mustang.
(Plus my own personal bias against guzzlers). 
 

Hm, I am getting pretty much the same kind of gas mileage with a 91 mr2 turbo than I did with a 96 N/A Cobra (V8), so I would say that they could both be considered gas guzzlers. The mr2 turbos are surprisingly inefficient considering their low weight and only having 4 cylinders.
 

Yeah, sadly, muscle cars are way overpriced down here :(
Glad to hear your son is enjoying the mr2 though :)

MR2QIK
What fuel consumption is your mr2 getting alexv? If running right they're way more efficient than an American V8.

FYI mine is a stroker with over 300rwkw & the fuel economy is way better than any local v8.

With the mr2 I got about 22-24mpg (9.8-10.2l/100kms) freeway only (I haven't been driving much in the city but it looks like it was a bit lower than that, maybe 20mpg/ 11.5l/100kms).
With my mustang I was getting 17mpg city (13.8l/100kms) but 22-24mpg freeway (9.8-10.2l/100kms).
 
It seems like a normal mileage for an mr2, isn't it?