This might give you some idea:
I've got a basically standard Toyota 4efte in my car with exhaust and a bit more boost (still plenty of headroom) and I got 120hp@ front wheels on the weekend. It runs like a modern car (smooth, quiet, economical) and is a BUNCH of fun to drive. Its also 100% street legal, rego'd and built for driveability rather than power.
If you put a aftermarket computer in it, TD04 (cheap-2nd hand from wrx), and a more race biased exhaust/intake, you should be able to get close to 200hp @ wheels reliably, without even opening the motor. (and no hand grenade - still retains rev limiter, knock sensor, boost cut etc, dependant on what ecu you use)
Add a $1000 TRD mechanical lsd and you're ready to race.
Some of the starlet GT guys have similar setups in their daily drives!
You could probably get a basic race spec conversion on the track for no more than about 8-10K (not incl. car/wheels/suspension/brakes etc). Less, depending on how much work you can do yourself.