This situation all depends on preference. If you like mechanical work and have well above average mechanical experience and a ton of time on your hands then go for the rebuild. The outcome, a fast car and the feeling that you are responsible for all of your alterations. Some people have fun working their car, its a relaxing hobby sometimes. If this is you then go for the project and we will be glad to help. Just KNOW this will most likely be harder and more costly then you think.
If all your really concerned about is going fast then their are cheaper and more time efficient ways to do so. A Lancer Evolution runs 13's stock i believe the mid to high 13's if were talking about an 08. I could be wrong but i would imagine it taking more then $1500 to drop 3 seconds in the 1\4 mile.
