This looks like a neat car. I saw this and just spent a couple hours surfing around learning about these Saabs. Neat engine, Aluminum block, oil sprayers, this one is the "big T" with more power than the little "t". Clearcoat and rust spot can be dealt with with some rattle cans and a handheld electrified sander. Interior looks to be in great condition. Looks like 2003 was the year that had the SAI secondary air injection pump, but this can be tuned out with an ECU tune. Chassis is the GM Epsilon shared with the pontiac Grand Am. Remote tune from Brew City Boost is relatively cheap, Stage 3 is claimed to be 300ftlbs and 285hp with a 3" downpipe and upgraded intercooler and intake. Forums for these don't seem to be very "nice" and mostly bitchy like a lot of other car-specific forums.
Seems like you can hot rod one of these out pretty easily and still have a nice smooth ride. 8-9 lb/hp would be fun but would probably require shaving about 500 lbs and getting to 350+ hp.