it sounds like you know whats up with the suspension so heres what i have to offer.
even if you dont plan to do a whole lot of drifting, a welded diff would help you cover all your bases.
search for "free horsepower tricks", things like DIY grounding kits etc.
im taking the budget build approach with my tercel (project auto-x) and something that definitely saved me some cash was extrude honing the stock manifold ($200 compared to over $300 for an aftermarket header) and fabbing up a manifold back straight through exhaust
take horsepower to weight into consideration (along with wheel diameter)
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