Yup
I've been down to putneys shop and seen 22r/e motors that where about as built as you can go, supercharged, 20/22 hybrids, ect. He built one recently with a ridiculous amount one-off parts and a HUGE snail bolted to it. He said it should be good for 300+ hp, the price tag was around 9k.
I have about 1800 right now into rebuilding a 22re and that's with mostly stock parts.
If I didn't live in California and I where to do it again I would definitely be looking into a turbo diesel swap.
Moving away from the Toyota badge, I believe I can build a 300 HP Chevy 4.3L V-6 for 1/2 that cost and more reliable and repairs and spare parts, and modifications WAY less costly and more available from multiple sources.
Gnarls.