99 out of 100 times it is easier to just work with whatever induction your car came with. you have the TPI, keep it until it becomes a restricton.
what kind of times/trap speed are you looking to run? are you going bracket racing? test and tune only?
TPI cars are pretty easy to get going without having to mess with the engine mcuh at all.
take care of the chassis first, get yourself some 4.10 gears and freshen up the posi carrier you already have, a good aftermarket torque arm(talk to JSPerformance, he is a UMI dealer), adjustable control arms, control arm relocation brackets, and some small drag radials(if you have a set of 16" rims, 255/50-16's from BFG or MT would be great)
grab a pair of the cheap lakewood 50/50 rear shocks and some used V6 springs and you will have a simple and solid base that will serve you well through the 12's and into the 11's.
transmission is easy. if the trans is still in god shape(still shifts good, fluid looks good) you can jsut get yourself a TC that stalls in the 3000-3400 range and put in a good shift kit. once you have some passes you can look into getting a rachet shifter or playing with the governor to adjust shift points for more performance.
power plant is another pretty straight forward one. long tube headers are nice, but if you don't want to spend alll the money on having a y-pipe made you can jsut pick up some shorties from SLP or edelbrock that come with a good y-pipe. a 3 inch cat back with a muffler that sounds good to you(they almost all flow about teh same).
there are also a few "free" mods for your car. cutting the baffles out of the air boxes and doing the home made ram air mod make a nice big difference in performance.
the only other thing to spend any money on is a mail order tune. since you are planning to ditch the emissions equipment and hopefully keep good gas in it you can gain a lot by "fixing" the factory programming for huge gains.
all of this with some minor and common weight reduction should easily be enough to get your car well into the 12's
good luck with it. we will have to talk about weight reduction some time in detail with your car there. my old 91 RS was 3280 at the line with working power windows/locks/hatch release/radio/air conditioning still intact
hehe
