They did come factory turbo and 5spd, but it was a rare thing, as factory turbo vans were only made in 89 and 90, only the short wheelbase ones, and the 5spds were a fraction of that. Autos are far more common.
The motor that comes in them has some good things going for it. It comes with strong pistons and rods and with careful tuning can hold 400whp on the stock bottom end. Careful tuning, though, is a rare thing in the turbo-dodge/turbo-mopar world so you wont find many people running that power that havent upgraded to forged pistons. However, i THINK the current fastest 1st gen turbo 4 cylinder caravan that runs 11.7s @~115 is on a stock piston stock bottom end. That guy knows how to tune.
Like i said, the motor in my Dodge Aries $2009 challenge car is actually a factory turbo motor from an 89 turbo caravan with 250+k on the motor. I put new gaskets on it, a large intercooler, and 440cc injectors, turned it up to 17 psi, and made 212whp/320lbft to the wheels. I ran it through a tiny 2.25" exhaust on the dyno so it died early (peak hp @ 4000 rpm?), thus the low hp numbers. I had lots of extra fuel and could probably have hit those numbers with stock injectors at a higher than stock pressure. This was on the stock fuel pump. Its fairly easy to get to 240-250whp if you mix and match the best factory turbo parts to make the optimal stock parts setup. On the high end, multiple people have made 400+whp with the motor. A few have gone past 450whp, but i dont think any have cracked 500whp without another power adder. With nitrous the current highest is right around 600whp. The head is a piece of junk, but with a bunch of effort it can be done. The trannies they come with (from 87-up anyway) are very strong and dont really need any modification to hold a lot of power. The 84s, however, have the early style tranny which is pretty weak. You can pick up a stronger tranny to swap in from the junkyard for fairly cheap. You can buy a torque-biasing differential for the front for a bit under $500.
Of course, there are 2 rare 16v head setups that use the same basic bottom end. One was the Lotus head that came on spirit r/t's. SVreX here has a spirit like that. A few of those motors have gone past 500whp. One has powered a FWD drag car into the low 8s @180.
Of the factory v6 setups, there were the 3.0 mitsu 6g72 and the chryco 3.3/3.8. The 3.0 mitsu can bolt up to a factory 5spd which drops into the van using stock mounts and all that. I have a friend who has built two of those 3.0s to over 500whp, one of them on STOCK 10:1 pistons from a diamante. The 3.3/3.8 are auto only, require you to run an electronically shifted 4spd that needs its own electronics and is hard to mod, and havent really been proven to hold boost. The 3.8 is pretty torquey, though, and i can tell you how to gear the stock 4spd tranny down from a diff ratio of 3.6:1 to about 4.3:1 by mixing and matching factory tranny parts.
The 2.4L motor has been swapped into these vans as well. With an adapter to run the 8valve motor's distributor off the side of the 2.4 head, they can be run on retuned factory electronics. They also bolt to the factory trans/starter and all that so you only need to modify/build 2 mounts to bolt them in.. Of course, stock srt-4/ptgt motor bottom ends have made about 600whp on the hairy edge and more with built motors.
And as i said, im considering using the dohc 6g72 mitsu motor, which has made 1000+whp in built 3000gt's and such, not that i would ever take it that far.
The van has a big engine bay and the factory motor and trannies will hold a pretty good amount of power!
As for suspension, there's not much that's drop in but some ingenuity goes a long way. Koni DID make drop in struts and shocks but they were discontinued a few years back so good luck finding them. Of drop in struts for the front, you can get kyb gr-2s which will only hold a fairly soft spring. Stiffest factory drop in spring in the front is 145 lb/in, but you can actually fit old taurus front springs on the struts. old SHO front springs are ~200 lb/in in the front i believe. You can also modify Impreza struts to work, and for those there are lots of options. Even factory wrx/sti take-offs would be decent. They have AGX for those which are cheap and adjustable. For front sway bars you can grab a big 1 1/4" diameter factory bar from a Shelby Daytona or Spirit R/T or similar and modify it to fit. There is also a source for Polyurethane bushings all around for these vans.
In the back its a solid axle/leaf spring setup, so you dont have a lot of options for changing the spring rates without spending money. They did make an HD set but in racer perspective its probably not very stiff. You can always get a spring shop to make/alter some if you crave rear stiffness. There is a factory rear sway bar that's probably not very stiff from later year vans. Others have modified Cherokee front bars to work, and they actually made some pretty big cherokee front sway bars. As for shocks, Its a conventional looking shock so there are probably a lot of undiscovered interchanges. Other than the aforementioned Koni's you can also buy a 9way adjustable Rancho truck shock and crank it up.
Of course, the things have a huge utility factor. They are comfy to ride in, can fit up to 7 people, have semi-modular rear seating that you can move around or take out. Even the short-wheelbase van is long enough for a 6 foot tall person to lay in the back, so you can literally camp right out of it without pitching a tent. If you dont lower it much, they have a lot of ground clearance and wheel travel so you can take them a lot of places and go down bad roads a lot faster than you could in some 'sporty' cars with no travel left.
In short, i love my van!!