There isn't anything more left in the 2.5L SOHC without spending cubic dollars. Sorry, but this is a fact of life. You can up the compression a bit, maybe play with different cam profiles, but they are pretty well maximized from the factory so you're just playing around in the noise range of most chassis dynos.
You can add displacement by swapping in a 2.7 or 3.0L block, but those are expensive and rare in comparison. Though I've seen two 924S with 16V swaps and one with a 951 swap, none of them are track cars though.
You can add a turbo or supercharger, but there's a lot of extra cooling and internal improvements needed to make that work for the track. Not too mention the changes needed in the engine management to provide the necessary fuel and ignition.
Ditching the AFM can help a little, but after you get the replacement EFI tuned as well as the factory solution, you'll have been better off swapping in another motor.
You can drop about 40lbs with a lexan rear window, maybe another 10-15 with the side windows, ditching the interior and using lightweight seats, gut the dash down to just the driver's side, swap in a 924 manual rack to drop all of the power steering weight, etc. Euro bumpers drop a few more pounds as well. You can probably get one down to 2100lbs if you work at it.
This might help for handling:
http://www.944spec.com/944SPEC/technical-articles
http://www.clarks-garage.com/shop-manual/susp-15.htm
Basically 30mm rear torsion bars with Ground Control's front and rear Koni struts, springs and upper strut mounts. Order the optional 944S sway bars from Porsche for about $100/ea, slap on some DOT 225/50 15 Ho-Ho's, freshen the bushings and other suspension bits and have some fun.
I'd freshen the motor up with new bearings, make sure it is built to the 160hp spec (more compression ratio via thinner headgasket), add a throttle cam and a cage in it and go Spec944/ITS racing. You'll get to play with the SpecMiata folks at many tracks.
If you really don't care about wheel to wheel racing, then look at an engine swap:
http://944hybrids.forumotion.com/
http://www.944-20v.nl