Little late to this thread, but I figured I'd throw in a little bit more info for ya.
The 7M-GE is indeed limited. A decent timing bump helps quite a bit and so does cam tuning. Custom cams would be a very good addition. You can tune the fuel with a SAFC, SAFC II or, better yet, a MAFT Pro. The MAFT Pro will also allow for timing control and you can delete the stock airflow meter. Any tuning will have to be done with a piggyback.
Make sure you run the intake setup and ECU from a Supra though. The Supra has a modulated intake manifold which will give you some more sonsistent power. Cressida's don't have this. Also, make sure it's working.
The AFM spring mod is garbage. You'll find your AFR in the 10's at WOT. The car runs plenty rich at WOT and the if the stock O2 sensor is connected the ECU will pull out the excess at anything below. If you want to run a bit richer just disconnect the stock O2 sensor and moniter the AFR for a bit. Should put them in the 13's, IIRC.
If you can run a turbo, I'd go with a 7M-GTE as suggested, if not well, you do have options, but the payoff is limited.
If your budget is significantly limited and/or turbos are out... you're hosed.