See how fast you can go on what you have. The safety list above is key though:
Hotwired fuel pump
Scanmaster
modern chip and injectors to match your goals
adjustable fuel pressure regulator
Then timing chain and valve springs depending on miles and if they are truly stock still
After you make it run right on 12psi, you can work your way to 15psi on pump gas. When that gets old, you can go an alky system and run 20+psi with a stock turbo. This will get you close to 110mph in the quarter. When you achieve this, then you can get serious about throwing performance parts at it. If it were me again, I wouldn't upgrade anything not mentioned above unless it fails or wears out. You can do all of the above for right around $1,000 even if you have someone install timing chain and valve springs. They turn quickly into money pits when the above performance isn't enough. Then it's a grand here, a grand there, and you may not go THAT much faster!