You do not have to go turbo to make power. Look at any of the threads asking this same question and read my response.
After throwing a rod, my brother and I undertook this buildup to his 89 2.3.
Went to the 5.7 inch rod KB piston conversion. The pistons were $122 from Summit at the time. Also put in file fit rings. Rods cost me $50 Canadian (about $5 US lol) and were considerably lighter than the stock four cylinder rods even though they were 1/2" longer. ARP waveloc rod bolts were installed as well. I also got the 89 grm tool steel pins. Lightened the rotating assembly by 2 pounds when everything was totalled up.
I bought a windage tray from Esslinger and installed that during the build up.
I heavily ported the heads and relocated the exhaust upwards. Manley 1.89/1.59 valves were installed along with a Ranger roller cam and followers. I also got a Ranger header and ceramic/aluminum coated it. Rest of the exhaust was 2.25 out the back with a Flowtech Terminator muffler.
The Intakes were ported and polished and port matched to the head. All internally projected fittings were cut down even with the intake wall. The TB was half shafted to increase flow. My own phenolic spacers were also installed during the buildup. It also has a rail mount gauge and Kirhban regulator.
For the timing, we got the round tooth gear set from Race engineering in Florida. Very light and adjustable. I also bought a %50 underdrive crank pulley from Unorthodox Racing and swiss cheesed the factory pulleys to lighten them.
I also bought a rice rocket CAI that came with a K&N filter which will be modified to take air directly from outside.
Other goodies include MSD 8.8 Wires and Coil, distributor cap and rotor, Turbo aluminum valve cover and Bosch +4 plugs.
Once the engine was running and the timing was set with no detonation, I disconnected the knock sensor. Those things kill the performance of the 2.3.
The last thing it needs, besides finishing the cold air box, is a newer mass air conversion. That alone is worth 17 hp on a stock 2.3. I also have some idiot making an aluminum drive shaft for it but he has been working on it for over a year (always too damn busy).
As it sits, this thing is fast. Fast enough to turn a lot of ricer laughter into gaping mouths at the next set of lights. | 
