Some really great points made here. Several people have asked how much horsepower I'm looking for. Well, it depends. That's not really what I was after here with this thread, although knowing the possibilities of each setup is valuable. With my previous Supra, I only had 5 "power performance" upgrades, and only 4 of which actually add more horsepower. Akimoto Intake, HKS BOV, HKS DP, Test pipe, HKS cat back. To me, it seemed like almost 300 to the wheels but I never dyno'd it. I know it probably wasn't that much but having completely unrestricted pipes all the way back combined with the intake made a world of difference. Was running stock boost, but the needle would slam all the way at the top of the gauge (well above the 8psi "limit" of stock). In fact, since it was all the way at the top, I never really knew how much boost I was on when fully opened. But I beat a 2001 Mustang Cobra from 0-120mph. I also hung neck and neck and only lost by about half car length to a C5 Vette (not a Z06) but those have 350 stock so it shows that just unrestricting what Toyota put out from the factory by letting it breathe correctly can make big power gains.
Anyway... sorry about the side skew there. So honestly I'd probably copy my last setup for a time, and then choose 7M,1J, or 2J when I'm ready to really build. And I think I'd look for at least 450-500 at the wheels. I see on the members HP ranking that several members have achieved that with the 1J. And I will say that the gas mileage in the 1J makes for a better daily driver. If I am able to make 450 wheel HP and 400 lbs torque, then I don't see where the 1J falls short there. Of course, the 2J can make unreal power, but since I plan on owning a MKIV at the same time as a MKIII, I'd like some variety. Seems kinda boring if I built them both on 2Js.
At any rate, thanks for so much awesome input from all sides of the coin here. If anyone has any other points, please feel free to share more!