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Which year tbird did the motor come out of? It looks like an 87-88 engine, with that particular valve cover and intake manifold. If so you should already have the big VAM, brown top injectors, and LA2 or LA3 ecu. The IHI turbo is good for 18 psi and the T3 is good for 20-22. A front mount intercooler should look quite interesting behind that big ol 50's grill.
Your gearing should be alright for a cruiser. The 4cyl T-5 has a 3.97 first gear which is really good at getting the ball rolling. One thing the 2.3 is NOT good at is lugging around though. Youll have to keep the RPMs above 2000.
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'05 Outback XT, 19 mpg
BP-turbo 93 Festiva (long gone)
1/4 mile - 12.50@111.5
Best MPG - 36.8
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