Does an 83-84 Celica 5 speed have any potential?

I did some research and only found that its an 18 sec. car and 0-60 in 11.8 sec, i couldnt find any aftrermarket parts or anything for them. Couldnt even find if it was efi or not (im not very computer savy though) The reason i ask is because i might be getting one in a day or 2 and i was wondering if it would be a good project car (to make into a 12~ sec car).
Any help would be much appreciated
Thanks

yes and no, you could either spend rediculous amounts of money making your motor (either 22r or 22re) better, or you could simply buy a motor from lcengineering.com

you got 2 and 2 choices there, go EFI or stay carbed, and either get a smog legal motor (you can switch to fuel injkection and still stya smog legal in cali) or get an "off road" motor from them

personally id get acarbed off road motor, a friend of mine has gone through them bought a stage 3 pro stroker motor from them, too bad he didnt wait they have some sweet ass motors on there now like this

http://209.250.27.45/m1webgear/ProductDetails.aspx?PartID=1012075&PartRevisionID=

a bit pricey but u can bet there s still more room to imporvoe (turbo/supoer) and id bet these motors will go for over 200,000 miles...not to bad with 200 + hp and about the cost of a 3sgte swap for a 5th gen

lc engineering are awesome people i use them all the time for my 83 celica and there parts always work havent got one yet that didnt fit out of the box

I wish I could give you some info on the tranny, but I'm in the process of looking for a 3rd gen 5spd myself. I just sold my 3rd gen GT auto. Don't forget there is always the option of swapping motors. 2JZs will fit in, albiet tight they'll fit tight, but if you are just looking for a drag car yea, get a strong ass lsd and swap in the 2JZGTE