I'd swap that engine out in a second myself. 1G's were dogs... twin turbo and still no better than a 7M-GE? Ack! It was only available in Japan and I think there was a good reason... probably the poor man's econo-supra.
As for the 1JZ, I'm not an expert on those. I'd start with a rebuild, fuel upgrades, boost controller and see where it takes you. Swapping out the twins for one large Supra is a popular change and for good reason.
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