Don't drop the smog equipment if you live in CA. You will get caught up eventually, unless you plan on non-opping the vehicle for track use only...and even then it has to be trailered on public roads. You can make mad power and still be legit, you've just got to understand why those devices are there, and how to work with and around them.
Also, sounds like what you need is a junkyard swap. A STOCK ONE. Go to pick-n-pull (there is one in Modesto, Fresno, and another in Stockton), and have them look up 1986-92 Supras...their website shows one in Stockton and Modesto, and two in Fresno's yard. Stockton also shows 3 Cressidas with 7M motors. Modesto even has an sc300 that might hold a 2jz-ge to start a swap-in...not even going to start on the v8 contents of the yards...plus, there's a plethora of Supra guys down there in CenCal, at least 1/4 of whom I suspect have a spare motor they would part with for a reasonable price, and probably help you swap in.
A PnPull longblock is like $250, no core, with accessories and manifolds. You can even leave most of the wiring intact, in most cases. The only way you're going to learn your way out of this is by doing, not paying.