Personally speaking, and I hope it helps you hopeful. I'm 18, my brother has an 86 and we've poured hours and blood into getting 3 86's of our own, and friends 86's going.
To be honest, If your only 16, (close enough to me) i'd get a daily driver first. even if its just a 5th gen civic. Something reliable is really good, especially when you gotta drive your butt to work and stuff. It comes in handy when you gotta drive over to toyota, or the junk yards when you need to find parts and stuff.
Having an 86 and no other car you can rely on isn't really..great.
You may be mechanically inclined and have the tools like I do, and the luck of having a mechanically inclined family like nick and I do but, when it comes down to it.. sometimes it's just really depressing working on the 86 and not getting the problems right. Eventually things work out, but just don't think to yourself that things are easy..especially on your wallet.
I don't wanna hamper on your dreams, but a custom turbo at 16yrs old.. I dream of man.. Getting the 86 to work, generally, is hard enough, and costs a lot. People say things break, wear down, need replacing? It's true. very freaking true, as bad as that is.
Atleast you think it won't ever be "done" =D most people think it's a short term project, and atleast you got your "headbolts" torqued to the right setting, unlike some idiots, who's been dropped too many times as a baby.
ek-9 is right, finding a motor that runs is probably your best bet as to the "no-compression" engine fix. It just ain't worth the time and money to replace the blown engine. Just get another one (usually for very cheap too) and then build upon that platform
Another idea would be to get other 86's as parts cars, just find crappy rusted out but mechanically good cars. They work like a CHARM! Trust me =D .. Classic example my brother and i have. "peter, wheres the bolt for the tranny?" "I dunno, Just use another tranny bolt from the parts bin"
it makes life simplier.
Before any modifications were done to the latest 86, I think we spent well into the 4 grand mark, maybe higher, just estimating. And thats without even supra rims!
If you need help on anything, just holla, just make sure you try figure things out yourself first. There's alot of disgust with newbies trying to buy their way through problems, and being lazy with their 86's. You look pretty die hard about restoring cars though.
Good luck with the project.