d-peg many times previously on the forum wrote:
Step 1 - bloody good service (to include; dizzy, rotor arm, leads, plugs, fuel filter, oil, oil filter, coolant. If needs be (every 60k) timing belt, water pump & oil pump)
Step 2 - brakes (to include; complete fluid change, new pads, new discs, braided hoses are a worthy upgrade too)
Step 3 - suspension refresher (to include; drop links, bushes (polybush kits are pretty good value) shocks and springs)
By this stage you'll have spent perhaps £500 - £1500 depending on what you've bought and if you've done the work yourself
Step 4 -
a freebie - weight reduction. easiest way to make your car faster and handle better is ditch the excess. sound deadening, insulation, plastic liners, boot carpet, et al can all be slung (or put to one side) for free and can gain a 10% weight reduction fairly easily. a pair of MR2 seats are ~40kg!!! versus a single lightweight carbon/fg bucket at 4-5kg...
Step 5 - lightweight alloys - have you felt the weight of an MR2 alloy ... it's bloody heavy! Some nice, light alloys in 16" guise with some good quality rubber will reduce your unsprung mass and improve handling.
Step 6 - now you have an ultimate handling MR2 may be the time to start looking at power increases on the GE.... This is where the money will start coming in. It's in a fairly high state of tune anyway, power gains can be had but none of them cheap. Stroker kits, cams, vernier pulley, performance manifolds & exhausts are all available but cost plenty coin!
EDIT;
Let's say at present your car is a standard rev2 N/A T-Bar needing a service
145hp / 1300kg = 111bhp per tonne
Now refresh it all back to stock and shed some poundage....
158hp / 1150kg = 137 bhp per tonne
or a 23% power to weight ratio increase
... without trying to gain any power out of the engine.
[insert whistling smiley here]