Properly rebuilt, the internals should easily handle your goals. Having said that, the 7M is a very unforgiving motor in terms of tolerances when rebuilding, especially regarding the headgasket.
Have the rear timing cover machined bolted to the block. Have the timing belt tensioner bolt torqued dow when it is decked as well. It is recommended that your machine shop use a torque plate. With the engine out, replace the EGR cooler gasket with an OEM one, as it is a PITA in the car. I would (and this is my opinion) recommend that when you reassemble the motor you use upgraded bearings (I believe Clevite is usually what people use, but not sure). I also recommend a MHG for any rebuild that will see higher than stock power, as well as ARP head studs. Follow the specifications provided by the manufacturers for head finishing and torque specs. Now would also be a good time to helicoil the head for the exhaust manifold, as these have a tendency to strip out.
When it comes to making more power, the cheapest and fastest would probably be an AFM from a lexus 4.0 V8, 550cc Injectors, Walbro 255LPH pump (Or equivelent), and an AFPR. Also, a piggyback is sometimes needed to make adjustments to the A/F ratio. Finally, it is highly recommended that you use a wideband gauge to avoid damage to the motor.
This is just the bare basics, there is a lot of good information on this site if you use the search feature. With what I have given you here, you should be able to search for more detailed information, and if you have questions you can go from there. Other than that, take your time to do things right and it will turn out great! These cars take a lot of time and money. I quit counting at $5000, and that was about 2K and 2 years before it finally was running, lol.
-AM3