personally, if you love this car as much as I do, and looking to keep it for awhile, putting money into it isn't that bad of an idea. If you intend to do some auto-x and track racing, then by all means, do the fmic/smic with hardpipes. But it depends if you have deep pockets... I'm still at a dilema as to getting either a fmic or smic.
Anyways, my goal like most people here on this forum who owns a MSP is to get it to 200whp... If I can get at least that, then all my engine modifcations will end unless I upgrade the turbo. To hit that goal of 200, I guess you should hit on the exhaust sytem (downpipe would be nice), header, hardpipes, smic (keep cost down, but I highly doubt that), intake, and mbc to at least 9psi if not higher.
I don't know how much this'll cost, but for sure it'll be more than 2,000 USD. Oh if you can, get engine motor mounts... For sure you want to fix that wheel hop as soon as you possibly can. I know I need too.