Suspension Overhaul, Need Direction...

You don't really need the k member and a arm upgrade to have a nice handling suspension. Obviously it helps but not a "need". I highly recommend the mm stuff. If you can afford their panhard bar-torque arm in the rear I've read nothing but good things. Go with their front coilover kit with some adj struts and shocks. I like strange engineering for the price. Bilsteins are nice(had them on a different brand car) but slightly expensive. Others have had good luck with koni and I believe those are what Saleen used from the factory. Make sure you get the proper sized coilover kit for the brand you decide on. Obviously you need subframe connectors and a good strut tower brace(some cause intake interference though). If you can't afford a complete rear suspension just go with some good controll arms in the rear. I would call mm directly and discuss what you would like to do and your budget. They will work with you and give helpful advise.

There are a lot of different ways to approach this.

First what type of road course events do you what to attend? Just like open track day, SCCA, NASA, and etc. I would read the rules of the event classes you want to attend before throwing money into the car and not be able to race.

Second, the first thing you need (should) install subframe connectors. This helps a lot, and maybe a strut tower brace. Shocks and struts on a budget KYB and Strange are good budget combos and LMR carries them.

Upgrading the bushings in the control arms and rack can help a lot. For predictability sake the steering shaft rag joint can cause some issues with understeer and snap oversteer when cornering. Not saying go the full solid steering 03 Cobra rack combo just be aware of it.

A little more info of the intention of what type events may help with steering (haha) you to an appropriate combo.

Like whats been said above, if you want to race be aware of the changes you make and what class you would be in. I am hoping to race in the next few years in SCCA American Sedan class so doing mods accordingly. On a budget like I am, for about $1K you can get new package of lowering springs and shocks, camber caster plates, panhard bar, which I think is a necessity due to 4 link rear axle, frame stiffeners, shock tower brace, and assorted bushings. Look at LMR, decent stuff at good prices. View: https://youtu.be/ldrDFD59NQU