Perhaps. I feel like being nice for now so I'll break it down.
Get a MAF adaptor. They aren't very much at all. Get the proper sized K&N filter (don't know the part number off hand, but you could EASILY find it with a quick search). Hook those up for about $75, if that. After that your intake should be fine. Save the rest of your money and save some more for some exhaust mods. Then get some new springs and struts. Then get a torsen and a spec flywheel and clutch. Then call ADC and get a turbo. Then worry about your axles and traction. You can throw a 3L into there at any point along this process. I suggest you do it between the transmission stuff and the turbo kit. After you do all that, realize you've spent about $10,000 on a car you paid less than that for, but know that you will beat cars 100x more expensive on a road corse.
