Recently I was asked for a recipe to take a 1991-1995 Toyota MR2 from bone stock (160whp) to 350whp on 93 octane pump gas. This is more than double the output of the stock motor. Believe it or not, it's possible. Here are the parts I would recommend:

GT3071R turbocharger kit

ATS ECUMaster ECU

550cc side feed injectors

Walbro fuel pump

170 degree t-stat

ATS modified fuel rail

Open element air filter - Apexi, or K&N. Do not use Blitz or HKS foam filters. They degrade rapidly, do not filter or flow well

ATS throttle body inlet - 91-92 only, the 93+ already has an ample sized inlet.

3" exhaust - the Ebay ones flow great, but tend to drone on the freeway. Berk is better about drone, but twice the cost. TCS is my go to exhaust supplier though. They have quiet options or flashy options. 

GSC/HKS/BC 264-268 degree cams

ATS adjustable cam gears

ATS Side Mount Intercooler with fan and shroud kit - I would prefer to use the top mount, but I put budget in the subject.

Total parts cost is about $7000. I have done this recipe many times over the years. The worst I have seen from this is 330whp and the best I have seen is 360whp. Now, if I had a little bit more in the budget the first thing I would change the fuel system, I would run a top feed rail and 1200cc top feed injectors. By switching to these items you open youself up to the possibility of E85 and lots more horsepower in the future.