7AFTE maybe?? Options

[Blk94St]

Okay so my friend is a mr2 whack, and has just sold a mkII 91. He kept the turbo.

I was wanting to buy a blacktop, but i can get the turbo for $100 with the wastegate.

I'm seriously considering this. I just want to know would there be to much turbo lag?? (stock turbo off a 3sgte) A friend owes me a favor so I can get an intercooler and piping for free.

I know I need the following:
Turbo
Wastegate
Intercooler
Piping
Tapped Oilpan
Injecters
Fuel pump
Turbo manifold
ECU
Custom exhaust work

I feel as if i'm forgetting something so if i am let me know.

My question is would stock psi (7psi) be safe fore my 7afe. It has less than 65,000 miles on it.
I can get all of this done and tuned for less than $1200 b/c of the deals i've ran across and plan on installing it myself.
Any help you may have is appreciated. I'm not looking for anything pretty under the hood, just something reliable and fun.

I don't really want A LOT of power, maybe 140-180 at most at the flywheel. Just something thats a fun DD.