I think you are targeting a lost cause with the 2.3 in your car right now. It makes 88hp, which means you'll need to make a ton more. Your cheapest bet is to go with a turbo motor out of a '87-'88 Thunderbird Turbo Coupe, '85-'86 Mustang SVO, or '85-'88 Merkur XR4Ti. They will make near or slightly over 200hp in bone stock form. They remain 2.3L so the swap isn't really difficult, and they are much more reliable than the standard 2.3L when you turbocharge it.
Otherwise you could convert to a bigger motor. That's just my 2 cents.
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