You'll spend double the value of the car to reach deep 12's. The transmission alone will cost more than the car is worth. Jump straight to a turbo kit if you are serious otherwise you'll be spening money on headers, intercooler, tiny tiny pulley, camshaft swap etc etc to reach that goal. Then tuning, wideband, fuel pump, 50-60lb injectors, switch to E85.
There is a general common problems thread around here some place. Oil leaks and intake gasket failures on common, if it has the black plastic intake gaskets with dexcool coolant still, it's a waiting game for them to fail. Transmissions are problem prone at that mileage. Regular suspension related items like control arm bushings and wheel bearings.
