well, i'd say wash it, prep it then primer the whole thing to keep and more rust from forming. Then cleam and tidy up the engine bay then interior but strip that for weight. no back seats, no carpet, no ceiling. keep the door panels if anything important is on an armrest or something. if not, they go aswell
Start modding. Suspension first because these cars are made to handle and not go too fast in a straight line. nice coil overs and anti-roll bars. decent tires and wheels (15" or 16"s) for lower rotational inertia and better grip to go with the suspension.
engine-heads, cams, exhaust (head and cat back, no cat if its not illegal or easy to get away with), intake, internals. Tranny upgrades: short shifter, better clutch, beefed up tranny (dont know much about 'yota trannies).
This was kinda fun. Like i was picturing it in my head as i was typing. Hope that gives ya a few ideas for turning your ae86 into a little rice rocket/drifter
