7MGE Build

[PaintballFTW]

Ok so I'm wanting to get into drifting. I was in between a Nissan 240sx and a MK3 Toyota Supra and so far I am going with the Supra. I just have some questions. If I do end up getting a MK3 I dont really want to spend money on doing a 1JZ engine swap so I will be building up a 7MGE engine to about 400hp. Now Ive done lots of research on this topic, if the 7MGE will be good enough, and Ive got mixed views. This is my plan for performance:

-Take the engine apart and clean the engine
-New Pistons and Rods
-Performance Valves
-Port the head
-Definatley boost with intercooler (what psi do you think I'll have to acheive for these HP #'s?)
-Full exhaust system

Do you think I can reach these HP levels with these parts. I know I could definatley add more parts (cams, valve springs ect.) but I'm on a budget.
Also is there any design flaws with the 7MGE with high HP. I'm also planning on doing weight reduction as these cars are heavy. Give me your input guys, Thanks.