400 at the wheels is not hard to achieve on a stock lower end, with a metal head gasket.
Sure you can pay the bucks, and have forged pistons put in, and a full lower rebuild, but if your engine is tight, I would use the money for suspension improvements.
Start with a compression check.
Make sure all your sensors are good. (TPS, Knock, CPS etc.)
Repair any frayed or cracked wires. (This is getting to be an older car.)
Now comes your power goal.
Trust me, when you have 400, you will want 450. When you have 450, you will want 600.
If you really want to buy pistons, do it right the "only" time, and buy forged ones. Wiesco seems to have the longest skirt design, and a lighter weight than the ROSS or JE ones. I have ROSS ones because they are insanely stout, but they slap like crazy when they are cold.
If you replace your pistons, I reccomend that you have them at minimum, thermal barrier coated on the crown. The skirt moly coating is a good idea too, and thermal dispersant on the underside if you can swing the money. Heat is the #1 enemy of a piston in a turbo charged vehicle. The crown coating reflects much of that heat away from the piston, and spreads it out across the crown so you are less likely to have hot spots. The moly allows the skirts to slip in the bore, and it retains oil very well, enhancing the effect. The dispersant does just that. It improves the ability of the underside of the piston to shed heat into the oil, where your oil cooler can dissapate that into the airflow.
Ok, speaking of oil. There are some simple tips that will improve your system, but not cost a billion dollars.
1) Buy the Turbo oil pump. They are made by Asin, and you DO NOT NEED to buy the OEM Toyota pump and get raped. Just make sure it is marked Asin, and it's a OEM Toyota pump. (They might grind off the Toyota logo, but who cares?) Asin makes them for Toyota.
2) Dis-assemble and clean up the pump. I've never found one clean on the inside, and that debris will go right into your bearings when you first start the car.
3) If you have the ability, you can improve oil flow through the pump by porting the sharp edges where the oil goes OUT. (There is a 90 turn with a sharp corner that can be smoothed pretty easy with a die grinder and a cutter carbide.)
4) Arz sells a larger crossover pipe that deletes the restrictive banjo bolt. It's a good upgrade for the money.
5) Shim the oil pump bypass with one 10mm nut (5mm thick/high) This will raise your oil pressure, but not too much.
6) Decide now to upgrade your oil filter and cooler. It's an easy decision. I just made it for you!
** It removes another "leak" of pressure from your stock system. It also makes oil filter changes much less work/hassle. It cools all your oil when you need it.
** You will no longer have the stock oil filter/cooler attachment, so there is more room down there.
There are two ways to do this.
a) Threading the block. (More work, but it's cleaner in my opinion.)
b) Buying an adapter that spins onto the oil filter boss on the block.
AN 8 sized lines are fine. AN 10 is overkill. (And it's larger than the stock pump output, so why bother unless you mod the pump and other stuff.)
c) Oil cooler of your choice. You can use the stock oil cooler for your Power Steering pump now.
d) Oil thermostat. (Must have this, your oil has to be warm enough to work right, but cool enough to last, and the thermostat does this the right way.)
If you have room for it, a used RX7 Turbo II oil cooler is a good upgrade. It has a built in thermostat, and it has plenty of ability to cool your oil. (This is what I use.) Besides, they are like 30.00 on eBay. So a great deal.
The RX7 can be fitted straight up with AN8 lines/fittings, so I reccomend the AN8 stuff. For your hoses, you can use braided stainless, but there are lower cost alternatives that work just fine, and will not abrade everything they touch. Again, check eBay.
I reccomend Canton/Mecca filters. They filter all the oil, all the time, and they are easy to plumb, and do not need to be changed as much. (You can run one for 25k easy, and it will filter your oil to 8 microns or better all that time. There are other filter options out there, but not many that will work better than a depth type filter.)
There are some kicked out, and modified oil pans. I reccomend getting one if you have the money. More oil capacity is not a bad thing. Improved oil pickup baffles are also good.
The trick is, even if you keep the stock pan, run your oil level to the wire on the dipstick. NOT to the "Full" point, but higher up, where the blade is attached to the wire. This is about one, to 1.5 extra quarts of oil, and it's WAY below where the crank will ever whip up the oil in the pan. Cheap insurance from rock knock.
Alright, oil system is done.
Pistons are done.
Rods can be stock. Just have them checked for being straight, and round. Done. They are shot peened from the factory, and doing it again is a waste of money in my opinion. Beam polished if you must, and shot peened again, but why? They don't fail at 400hp...
Make sure you upgrade the rod bolts to ARP ones. That part IS key.
Bearings of your choice. If your stock crank is fine, I would not have it polished and ground. Just clean it up, check the specs, and use the same size bearings Toyota did when they assembled it. (TSRM has the way to decode it all.)
Metal head gasket of your choice. They are all fine. Get one that is the right thickness for the machine work done to your block and head. Make sure the shop knows the must prep for a metal head gasket, so they put the very smooth RA of 15 or better finish on the gasket surfaces. Also make sure they cut the block with the front cover in place so they are the same height...
Head work.
1) Stock valves are fine for 400hp.
2) I would clean up the head if you have the ability, or see how much your shop will do the work for. By cleaning up, I mean smoothing out the sharp edges and metal casting flash in the ports. Especially around the valves. This is "free" power when your engine is back running again. Flow work here, pays off everywhere.
3) Do NOT port match your exhaust. You need that slight lip where the ports dump into the exhaust manifold. You will loose low end power if you port match the exhaust to the manifold. Also you will waste money to have your intake manifold ported IMNSHO.
4) Replace your valve seals. (Sure you would do that anyway.)
5) Replace your valve springs with Comp Cams ones. (Search is your friend, but they are less than 70.00, and they are better springs than the stock ones, but not so radical they will cause problems.) I run them, and they work great.
6) EGR is up to you. There are very sound reasons for keeping the system. I have mine plugged off, but would reccomend you keep it if you can, and yours works. (Helps with part throttle running under boost.)
7) ARP Head studs. Just buy the studs. The bolts are fine, but the studs are only a few bucks more, and they are better for the money. Tourqe them to 90lbs, and your done. Do not tourqe them past 105lbs however. No need. (Stock bolts are tourqed to 52lbs, and that was too little, thus the head gasket problems on this car.)
8) I reccomend sealing up your cam cover rubber gaskets with "the right stuff" so you have no cam cover gasket leaks, and your oil pan will not leak either if you use it. (The cork gasket should be shredded and thrown away! Do not use it unless you want to leak oil.) For the cam covers, put the rubber formed ones into place, then run a bead of sealant around the INSIDE of the rubber to cover junction, and put them into place. Upgrade your cam cover bolts to stainless allen head ones, and make sure you get lock washers and new washers to protect the the alloy cover. They will not back off if you use the lock washers.
9) One last thing. Helicoil your exhaust studs, and upgrade them to SAE sized threads! Yes, it makes buying the stainless, locking studs and nuts that much less work and money, and since your going to drill and thread for each stud, why not go to easy to source studs? 7/16 IIRC is the right size. Check before you buy them.
Summit and eBay sell V8 kits in this size in stainless with locking nuts that will be an improvement over the stock 10x1.25mm ones that next to nobody carries except Toyota. (And they want the bucks for these, trust me.)
Next your turbo and fuel upgrades.