As for the exhaust manifold - its a log type (show stuck behind the turbocharger) - about the only way it will fit with our engine layout (intake up front, exhaust by firefall). Yeah, very good points - Corolla makes an excellent daily driver - but performance like a sports car, um NO. Though you can turn the Corolla into a very good handling car for same amount of money, mods to the engine are another matter.
A lot of people forget that part of performance is that your consumables are really expensive as well. I see quite a few EVO's and STi's at my local Carmax dealership - most of the back story I find from the service/sales guys are that the cars were intially bought as birthday or high school graduation gifts (spoiled a$$ kids these days). Then the parents balked when presented a bill for $900 for "front brake service" and when the OEM Yokohama ADVAN A046 tires wear to the cords, from Junior's mad driving skillz, at 8K-10K miles (if they are lucky) and presented a bill for tire skins that run $300-$350 per. They end up on their lot.
I would jump on a newer SRT-4, Cobalt SS, EVO, STi, etc. out there (technical marvels that take economy underpinnings and turn out factory backed performers) - but with insurance premiums for these cars running close to what a car payment costs every month! - I'm looking towards other avenues. Cars like Pontiac GTO or WS6, Corvette, AMG C-series, BMW M-series, Audi S/RS series, etc. - no pocket rockets, more fun with more displacement.
Ins is high on the EVO, STi. It's because they are wrecked all the time by young owners. If you want a M3, look at the cheaper 335i. I got to drive one. Sadly a 335xi with a auto, but it was still nice. A proper 6sp manual RWD would have probably made it perfect.
Or wait for the 1 series with the 335i engine. It would probably out perform the current M, but cost less. The next M gets a V8 tho with over 400HP.
The GTO doesn't have the best build quality. A vette would be a good answer, but that would cost more then a 335i too. The BMW just has such great refinement.
Displacement is nice, but the AWD turbo cars put down the power better. I have a AWD turbo and a RWD V8. I drive the V8 to keep miles off my baby, but if the road is slippery in any way, it's not very fun. Newer cars have traction control, but it can still be hard to get torque down to the ground with just two wheels. AWD cars just go. RWD tends to get put away for winter too.