You'll want to check for rust around the rocker panels and door hinges. As mentioned, the LSD will be shot by now, as well. Check the condition of the oil and the level, SE-Rs don't take a lot of oil, so it's important that there's plenty in there. Also with a lower capacity, you want to make sure you change the oil frequently. Check the oil pan for any dents, if it's dented there's a good chance the oil pickup has been damaged. The SR-20 is a great motor, and with a CAI and a less restrictive exhaust (header, high-flow cat, catback) you can realize some pretty solid gains. Ironically, the motor is known for its ability to rev, but a lesser-known fact it has great torque throughout the RPM range, and outstanding throttle response.
I'm not the one to talk you out of it, I love the B13 SE-Rs. My friend owns two, and I flew out to CA with him to pick up SCC's Project SE-R from Dave Coleman. We co-drove the car cross-country, and even in highly modded form, it was a joy to drive. Mind you, at the time it had no speedo, no radio, and half of the dash lights were out, but the car was incredible. It just ate up the mileage like nothing I've seen before, and was a blast to drive. The seats were excellent, and that's a huge compliment considering we ended the trip with a 29 hour thrash from somewhere in Oklahoma to back to Connecticut.
I also attended the SR-20 Convention down in GA last year and co-drove the car on the track. It really was perfect, handling, braking, etc. there really were no weaknesses. To be fair, this isn't your garden variety SE-R, but the car has some really good DNA to improve upon.
I've kicked around the idea of getting one for a while, and it wouldn't take much to push me into one. The two major forums you'll want to read are:
http://www.sr20forum.com/
http://www.sr20-forum.com/ (the Dash)
In addition MotoIQ offers a lot of excellent Nissan content:
http://www.motoiq.com/