[FahQ]

The VR is an awesome platform to begin modding

~A nice catback exhaust would help the breathing now that you have the intake, and should cost roughly $500. If you can - increase the piping about 1/4" and get a hi-flow cat - this will bump the cost about $200
~You should also increase "fire" to go with that extra boost of fresh oxygen
A performance tune-up or even an MSD ignition, can remedy this and also cost roughly $300-$600 depending on what you get.
~Timing is crucial and can be bumped up a bit by adding a mild degree camshaft, adjustable cam sprockets and an underdrive pulley kit. This is a bit more expensive but awesome gains throughout the revs. Guesstimate this at about $1000
~It doesn't increase HP and TQ, but a shortshift kit will get you through the gears faster - which means you get to peak RPM ranges faster.

Chipping it would be good but I personally would "build" the motor before chipping...less chance of having to keep reprogramming it.

BTW - "Cheap" is a dangerous word. But here is a tip. Always base your mods on about a $500 budget. On most mods - anything cheaper probably means shortcuts where taken which could possibly cost you more in the long run. It's best to do things right the first time.

If you want the uber-cheap mods - lighten the weight....remove any unnecessary loads in the trunk - sub boxes, spare tires...hell even carpeting, rear seats, and any sound deadening materials get removed by the ultimate speed freaks. The motto..."what doesn't make it faster - can stay off the car". I've seen people strip the entire interior (including the dashboard) with the exception of the driver's seat. Hell - the AC was removed