Um to be honest you have a huge budget. I mean you could do so much in it. Your car choice isn't too bad I must say... You will find it cheap. But the major thing is to rebuild the car. Since you are thinking of getting some serious power out of your car you should really get it dented and reinforced first.
Your engine choice would range from a b16, b18, b20, or an h22 if you want to go with the orignal engine bay and no modifications to it. Also a frank would be a good option... build your engine as much as possible.That would be around 300k .. I say stay NA and put in NOS maybe... The rest would go on your coilovers various suspension components and last some very good rubber. That's my 2 cents contact if you want more info.