89 hilux conversion??

Hey i got a 89 toyota hilux (tacoma i think the american version is??) and ive been slowly chippin away at it doin all the work on it myself.. and im a bit stuck on what to do with the engine? not sure wether i want to do a engine conversion to a sr20 or 1j motor? or wether to keep the stock 22r motor in it and do that up?
its got a pod filter, extractors, magnaflow high flow cat and sports muffler in it so far. but not sure what i could do to the motor? and i cant turb it for a while thanks to the shity new laws in aus
plus the car has to double as my daily ride and i use it to lug my bike around riding so its still got to be part practical lol
ne ideas on what i should do to the motor?  
god invented turbo lag to give V8's a chance haha