Honestly, with 160K miles on it, and the previous owner ricing it out, he probably didn't spend ANY money on Matinance. I hate to say it, but Deal with the rice-factor, Start by Replacing Plugs, Wires, Cap + Rotor, Valve cover seal, Check on other suspension components, like lower control arm bushings *Cause bad camber wear VERY quickly* Brakes *VERY important*
If you want this car to last you, start with those things, THEN worry about the Rice-Factor. After that My personal opinion is
1: Go to a local junkyard, Pickup some stock bulbs out of a car there, Stock Tails, Get the body back to stock, it will help the re-sale value. Keep an eye out for other SI's or EX's for a Transmission and ECU.
2: You can pickup a set of decent struts/springs for less than $300 BRAND new
3: Again, replace maintance parts as you go!