Tokico Illuminas (Blues) and Ground Control Coilovers are the most widely used lowering equipment. I think that pairing gives you a 1.5" drop up front and a 1" in back. A really good thread to check out would be one in the 1g performance thread titled something like "Gavin's all out suspension mods", you may want to do a search for it if the search feature is working again.
Good engine upgrades depend on your trim level. Do you have an LX/DX or a GT?
Strictly engine (non F/I) mods that are pretty common are new air filter, new spark plugs/wires/dizzy cap/rotor, porting and polishing the IM, getting headers (only on the LX/DX trim), boring the engine out, doing an engine swap (do a search on FE3 or FE DOHC), puting in a CAI, exhaust, etc.
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