I'm in Central Texas.

The 5MGE is known for low oil pressure at idle. The lifters (actually lash adjusters) are hydrolic and the low oil pressure will cause the valve train to tick like crazy. The gasket around the shock towers is a thin metal one and is prone to leak. Try to retorque the bolts before you replace it, that may stop the leak and save you some time and effort. If it has more than 100k miles check the timming belt. These are non-interference engines but why let a $25 belt ruin your school. If the belt needs replacement a lot of those in the know reccomend that you go ahead and change all the seals under the timming belt cover while you have it off.

BLEED THE BRAKES AND THE CLUTCH! When I did mine the fluid looked more like mud than brake fluid.

Change the fluid in the diff. When you refill the diff go to the Chevy house and buy some Limited Slip Friction modifier. It comes in about a 2 oz. bottle. Add that to the diff fluid to keep the LSD working correctly.

The parking brakes are drums inside the rotors. Remove the whole system. All it takes is for the lever to get pulled up a few notches and your rear brakes will heat up and fade away.

The stock suspension will get you through your schools. There are a few suspension upgrade kits available. I have heard the Eibach Pro kit is good place to start. One of the good things about the suspension design is the more you lower it the more negative camber you get. This is good because the camber is not adjustable on the car at all. Minimun ride height it 5". My car is a 8" ready to race less driver. My plan is to drop it 1.5 to 2" more to lower the CG and give me a bit more neg camber.

If'm sure I'll think of more later.

Good luck and let us know how the build up is progressing.