Crusin,
Since C-Dan is on vacation I will give you some sound advice. Buy youself one of those tornado thingies. You'll gain 100HP and your MPG will double. They only cost like $50 or so.
Seriously, the only cost effective changes to the 1FZ-FE engine is forced induction as Sean pointed out. Short of that, you can do the following:
1. New OEM plugs and plug wires.
2. Clean the stock intake
3. New OEM dizzy cap and rotor
4. Synthetics in all fluids (some report better MPG.)
5. Carefully increase the timing advance. +3 BTDC is stock. Try +6 BTDC. Use caution to avoid detonation.
The other route is one that Robbie has taken and that is to increase the engine size by boring the cylinders to 4.7L and increasing the compression by having the head shaved. This is not for the timid but it is routine 'hot-rodding' technology.
One more thing. Avoid the K&N or other oil filled air filters. The 95-97
(edited) models use an air metering technology that is susceptible to failure (big $$$) if they get oil on the sensor (can't recall the details right now.) Besides, you can't beat the OEM air filter for the thing it's designed for: air filtration. Any gains from more air flow bring with it the problem of more crud getting into the engine.
-B-