Rofl, you do not need aftermarket internals for a measly 200hp
if by standard you mean the shitty t3/t4s on ebay, even that's doubtable
Honestly if he wants a faster car without spending too much just get a new tranny (gsr or b16) and then do the i/h/c/e with a tune.
I was thinking cams, and higher compression pistons at a minimum.
That's pushing $800 not including an actual ls/VTEC conversion.
Headwork would be too damn expensive, so I think you would be in the 200hp range without it.
Headers, exhaust, intake would probably be another $500 or so, and an extra $300-$400 for a tune.
I think a turbo kit would be a decent idea if he just wants a quicker daily. The LS engine is not bad for a turbo at all, and you can get a pretty comprehensive no-name turbo kit for less than $800.
I'm sure he can push 8-10psi no problem through the turbo and engine, and probably do it on an auto tranny until he can put together the parts for a manual swap.
It took thousands of dollars in just parts for my previous NA build to hit 242hp on a mustang dyno, and that was a b18c1 running 85mm 12.5:1 compression pistons. Not to mention complete headwork.