Downpipe is a good start, full exhaust 2.5-3" all the way is best. Don't worry about a BOV, they can be tricky to get dialed in just right, and they have no purpose in making you faster. 20 psi is definitely doable if you can get good gas and an FMIC, but beware the Volvo ones. The ones with plastic endcaps are known to fail at anything more than 18 psi. Anything that will increase the airflow will increase the power, so any kind of porting on the intake/head/exhaust is always worthwhile. Get rid of the stock airbox and replace it with something else, e.g. K&N. Past some of these simpler things it just gets down to how much you want to spend to get it fast. Cam/big valve head/bigger turbo/better manifold etc.
On a side note on the sr20 homos, they are starting way ahead of the curve, and the sr20 has pretty huge potential with a little boost. My sr20 Sentra at 8 psi of boost used to have the same mph at the track as my SVO until I got the FMIC.
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1985 SVO 13.62 @ ~97mph with 20 psi, on the brakes trying to keep from breaking out!
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drhoward You don't count with your wierdo turbo special olympic mustangs[/q