If you're new to a project of this size, find one that's complete. That way you can work on it one piece at a time, and even drive it while you're working on it. Even if you don't plan to drive it, nothing gets older than an empty shell that doesn't move out of your way on the driveway.
You can always build up the "next generation" engine on a stand. Starting with an empty shell is a huge pain unless you know exactly what you want to do. It'll also cost you much, much more by the time you're done with it (T5's often fetch over $1000, you can get a running car for not much more). You'll have to deal with EVERYTHING that's missing. Oh, just needs an engine. Wait, that means motor mounts, exhaust, all accessories, computer - electrical, linkages, etc. Well over $1000 bucks right there in stuff that you'll need just to get it running.
Cool enough if you're building up a full-on race car, or if you're really an expert. Bad idea for a street car. Your goals of 11-12 seconds can be met with forced induction on a stock 94-95. Spend your time there instead of running wiring harnesses and piecing a dash together. Plus, if you can't drive it, you have no idea what else is wrong with it (trashed suspension, brake problems, a fuel tank full of sludgy gelatin, etc., etc.)
For preventive maintenance, change all fluids and filters, plugs cap & rotor, check the brakes. Inspect suspension and fix whatever's needed. These cars are incredibly reliable, and also very simple. Inspect tires, battery, wipers, all that stuff. Better yet if you're new to this stuff, take it into a mechanic for a pre-purchase inspection and get the whole list of what they recommend. You don't need to pay them to do the work, but you'll get a much better idea of what's needed.
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