I myself would think upgrading the exhaust from the turbo back would be ideal for first upgrade. LIPP makes a extremely less restrictive turbo/downpipe elbow. Then a full three inch downpipe. After that, as cyanide said, remove cats and full three inch exhaust.
And if you are planning to run higher boost I would consider a blow off valve, I don't know how much the stock recirculation valve can hold, if you still have it on.
As for complete rebuild, expect to have the car offline for a few weeks if you have all the rebuild stuff. I looked into this a little but it could be anywhere from like $3000 to $5000 depending on what types of parts you get and how much machine work would cost. But if the car runs fine I would leave it the way it is.
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Whats in the garage, well.... in the yard.
1986.5 Toyota Supra - NA - 5 spd
1986 Ford Ranger Lowrider - 5 spd
1984 Ford Ranger XLT - 7" Lift - 4X4 - Auto
"Stuck in the 80's"
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