The 2.3 responds to the same modifications as any other reciprocating engine. The goal is to efficiantly get more air and fuel into, and out of, the engine. Unfortunately there are no cheap/easy modifications. Adding a turbo is probably the cheapest in the short run. If your, umm...frugal, you can usually collect up all the needed bits for a few hundered.
But, even in N/A form this engine can make HP into the triple digits by doing the usual mods, porting and polishing the head, bigger valves, better header, free flowing cat and exhaust, bigger cam, etc. But, the real problem is that due to the smaller displacement all of the "big" power comes in the upper rpm band.