[elhigh]

I think you can hit 40 but doing much better than that will be a tall order. You have a better shot at it being FWD instead of AWD, reduced driveline losses helping you out there.

The usual: tire pressure (and alignment if it's new to you, no idea how long the PO let it go between alignments), brake drag, bearings if necessary, a few simple aero mods like a partial/full grille block, underside treatments.

Watch your temps carefully when experimenting with aero blocks.

You should be more or less okay with the head gaskets. Your car should have the earlier EJ22, which isn't as notorious for failures along those lines as the subsequent EJ25 or FA/FB engines. Pre-'96 EJ22s have a good reputation for being bulletproof.