I'd do a rwd conversion if thats possible.. then twin turbo charge it and ripout the side passenger seat and put 3 tanks of NOS there (2f2f style) + all your bolt ons, forged engine internals, LSD, 18inch wheels, wolf ems and the lot =) Yeah, and also remove the rear seats cuz I dont think they'd be of any real use, put in a roll cage in its place..
I guess that'd be about what I did if I sooo loved the corolla and won the lotto.. Which obviously would never happen either way