1. No idea, I prefer stock body. Lots of people like the bomex front and greddy sides. Don't make it look craptastic please.
2. 1994+ tails are sexy, but expensive. Expect to pay anywhere from 275 to 400+ for a set, and while they are easy to install, they're not 100% plug and play. You have to change the lock mechanism (You can re-key it to fit your key) and gently pound two little indents in the sheet metal behind the center piece so that the new reverse lights fit. For the love of god, no Altezas.
3. If it's JDM that means it's going to have the 3SGE. 160 HP is pretty decent, actually. Especialy for someone who has never driven MR (I'm assuming) The MR2 isn't a deathtrap, but if you don't respect it, it WILL bite you. There seem to be a TON of these threads poping up, and in every one I have suggested that the original poster get involved with a local autocross club and start racing. Learn to drive the car the way you have it before deciding it needs to be faster. The more inexperianced you are coupled with a fast(er) car is only a recipee for disaster as some point in the future.
Oh, and remember, if you ever feel the need to race, save it for the track. Street racing is retarded.
Welcome to the community!