Yes, that's high mileage. Your best bet would be to at least replace the head gasket and COMPLETE tune-up if you plan on adding any power. If you really not interested in racing and don't care about HP, just do a CAI and exhaust like every other ricer. If you want to race it, put a turbo kit on because it's the most economical way of gaining power.
This thread is now over for me b/c I hate repeating myself......