While I certainly would think making the AWD car the race car is a more cost effective pursuit, I certainly will not tell you to change your plans. Just be aware that making your FWD car you V-8 killer will mean a considerable amount of money into an LSD as well as a lot of tires (slicks/radials, street tires and lots of them).

Generally, it's just alot more bang for your buck to get the AWD and kill V-8's with that, but you can certainly beat up on the big boys with a well driven and modded FWD too. It's just alot more labor and wheel time to get it down right.

As far as venting, stop. Please. Recirculate your BOV back into the intake. Or buy the GM MAF/MAFT and set it up blow through style. Please don't leave it vented. I cannot stress this enough. There are absolutely zero reasonable reasons to vent with a stock MAS. None.

As far as mod paths to take:

First, read vfaq.com until your eyes bleed.
http://www.dsmtuners.com/tuning-guide/2gturbo/
http://www.machv.com/goinfasenand.html
http://www.dsmtuners.com/tuning-guide/2gturbo/suspension.php (Handling)