As far as engine mods, the Weber is the most common. If you're looking for more power, swapping in a different motor would be a viable option. Even the 4ac (74hp), which is basically a drop in replacement, has 14hp more than the 3ac(60HP) with all the emissions crap on it. Is your Terc 2wd or 4wd? If it's 4wd, some guys change strut cartridges and springs then put larger wheels and aggressive tires on them. There's another forum,
www.tercel4wd.com that has a wealth of info on second generation Tercs. It does focus on the 4wd Tercs, but most of the information is still applicable to the 2wd iterations. There are several guys on there with 2wd Tercs. Heck, I have a first gen 2wd Terc with a 3ac, and have been able to use the engine mechanical threads on multiple occasions.