1992 Paseo Purchasing & Modding

Hi guys, this is only my 2nd post and my first question is about buying a paseo in general. It is priced at $1500 and is a 5-spd, I've heard mixed reviews about the paseo, but overall I heard the good outweighs the bad. I've heard that they are reliable, has great fuel economy, and can even be modded to be a pretty quick car. I have only ever driven an automatic and want to learn standard, would this 92 Pazeo be good for a first car? Anyone have any imput on the 1st gen. Paseo?

I am not very mechanically inclined and dont really have many resources, but I've heard some succuess stories of people teaching themselves modding, but under going a project. How difficult would it be to swap a 4E-FTE into this Paseo? I've heard it is a direct bolt in except for the ecu and wiring? Is there any way to solve this problem?

I don't care if I can build a car that runs mid 13's, makes over 200 hp, or even that looks the coolest, but I do want to be able to do a build myself and learn how to modd a car. Would a Paseo make a do-able first project?
I have yet to average in the cost of tools (i.e. engine hoist, jacks, and other basics).

I have a budget of about $3000-$4000

$1500 - 1992 Paseo
$1000 - Complete Engine w/Transmission
$200 - Basic Tune Up (New water pump, timing belt, clutch)
$300 - Aftermakret ECU (If needed)
$500 - Basic equipment needed

Are these figures accurate? If so thats $3500 for a starter car and a huge chunck of knowledge learned. Can this be done and help me learn alot or do you guys think I will ended up with a motor torn to shreads and an emprty bank? Any input is appreciated, and thanks in advnace. Sorry about the long post, but I wanna make sure I have what I need to know is covered instead of wondering these thoughts half way into the swap.

Thanks.