As a team we’ve been looking into swapping he engine in an MR2 we recently picked up. Now I don’t know anything about Toyota engines or engine codes but I’m slowly learning. What bolts in with minimum effort and wiring, makes decent power, is easy to source, and is cheap?
Nothing.
Best bet would be to turbo the stock motor (5sfe) or spray it.
You're looking at maybe 2 or 3 out of those 4 requirements, and it becomes possible. (3sgte swap)
3mz out of a Sienna. It bolts to the transmission and requires mainly just wiring to run. A 2GR is better but also more expensive and doesn't fit as easily. Also bolts to the stock trans as well though.
Missed the last sentence, listen to Swank.
If you want to get stupid, i bet you could source an unused BP ---> Toyota E153 bellhousing adapter for cheap from the Protege/Escort guys.
Then dump a junkyard BP in it, since there's actually only one motor mount and 3 transmission mounts. Fab one mount, and have a Miata-powered MR2 for lulz. Boosting the BP in FWD configuration can be done for peanuts.
That said, the 5sfe is a stronger motor than a BP to begin with.
I was going to say a 6 cylinder, but then I remembered all of the problems GRM had with one of those on the track.
Can you get/make a 13B to E153 adaptor? 
.
I think SFO has it nailed. The V6 swap is getting more popular, not sure how it holds up on the track though. I think most 3SGTEs are going to be out of your budget if you want to buy a decent condition one.
A 3S-GTE is very likely to be outside of "Challenge" budget. Only thing I can think of is Camry V6 swap.
I think the 3mzfe is the "popular" swap.
The 5SFE it came with I'm guessing it no longer an option? They have a tendency to scatter when pushed too hard, the junkyard is full if them but most have holes in the side.
We’re interested in the 2GR-FE and there should be a few in the junk yards around us. Ideally we want to keep the stock computer so I’m not sure what’s involved with the wiring.
http://newhaven.craigslist.org/cto/4804019780.html
In reply to PseudoSport:
I assume you're talking about the stock computer of the donor car, correct?
It seems that Woody has been hitting the eggnog a bit hard.
In reply to Brett_Murphy:
Benedryl.
In reply to BoxheadTim:
Yes, stock computer from the donor car.
I did a quick search for used engines and can't help but notice the 1UZ-FE V8 goes for 1/3 of the cost of v6 engines.
Check racing strong motorsports. They have their car quite reliable for chumpcar money with.the Camry v6.
3MZ longblock out of a Highlander, 1MZ VVTI computer and harness off an ES330. Home made adapter block to fit a ~98-99 1MZ throttle body to ditch the e-throttle. Accusump in the right scoop, Oil cooler in the left scoop (both with chicken wire to catch debris,) Turbo radiator, FRAM HP1 remote (big) oil filter. Not that I've thought about it much. 
1UZ doesn't fit. 3S is too expensive, unreliable (unless $$$) and can't shed enough heat without massive upgrades. 5S has oiling issues, but can be made to work. Too slow for Chump.
An aluminum block MZ V6 is lighter than the cast iron 3S.
Front wheel drive LS
2006 Engine Chevy Impala 5.3,AT,GOOD RUNNER 51,132 A 130454 $750 B & W Salvage USA-GA(Metter) Request_Quote 800-284-6626 / 912-685-2250 Request_Insurance_Quote 309
I have a reasonably complete low mileage na 3sge in Hamilton Ontario that I'd be happy to sell for 350-400 ish. No exhaust manifold, but i think everything else is there.
v6 is the answer imho. gr if you can swing it mz otherwise
http://carbondale.craigslist.org/pts/4797007260.html
3sgte. That's like asking what motor to swap in that ZO6 you have growing weeds in the front yard.
3S are just about all complete basket cases now, when you can get a 1/3MZ out of a junkyard for chump change. They made a bajillion of them and they rarely die, so there isn't a lot of demand yet tons of inventory.
In reply to unk577:
I was gonna say LS4. There's a video of an LS4-powered ZZW30 (LSW30?) on Youtube. You do have to go automatic, though, as I'm not aware of any FWD manual transmission that would work.
V6 is one hell of a fun car. Especially with two turbos attached to it.
4AGE?
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