I've been reading as much as possible after finding this site. I don't think this site was around in the late 90's when I had my last celica. So much information. I use to own a '77 celica which went through many different setups. I'm a drag racer and here is the last combo it had before I sold the car. Actually I gave the body away 
22R stock crank/rods balanced, 10:1 Forged pistons
20R LC engineering Stage 5 Top end with Mikuni 44's
Nitrous direct port jetted for 120hp
12lb flywheel/ center force clutch, W58 Trans
79-81 Celica/supra rear - with 4.56's and locker
The car went low 12's on traction limited nitto drag radials. I can say the the stock toyota parts are very built and reliable.
So now I'm looking at buying a very clean '77 liftback and that already has a 22R swapped into it. I'm not sure what engine I want to build yet, I've been thinking about building a nitrous 22R again. I'm sure with the knowledge I've gained now about nitrous and tuning I could easily put it in the 11's. But my mind is open to a turbo build or even an LS V8 swap. My daily driver is a Trailblazer SS with the LS2 6.0, with mods it runs 12's on motor and low 11's on the nitrous and thats at 4500lbs
One quick question- and I've been trying to search for it, how much more does the Lift back weigh over the coupe? I'm guessing about 100lbs? My '77 coupe weighed 2191 without the bumpers and AC.