Z can be FI easily, there are many bolt-on FI parts in market, HKS are one of the famous brand in Z turbo or Supercharge.
A 2003 unreg recon superb condition Z manual cost about 130-140K. The stock engine give approx 240WHP with speedlimit up to 188KMH. If you are talking about performance and speed, you will need to spend about RM1500 for a SLD or reflash your ECU, that will remove your speed limiter.
Once your car can run beyond 200KMH, you need to upgrade your brake kit (if your Z not come with Brembo). If yours has came with Brembo, you are advice to change to a better brake pad. A brake kit cost about 10K to 30K, depends on brand.
After that you will need to decide which direction will you heading to, a performance Z or a Fast and Furious looking Z or both.
If you are heading toward performance Z, the journey is quite interesting, you need to decide SC or Turbo. Supercharge are easy and less maintenance, not much custom modification needed because SC comes in complete kit. Like HKS SC, the simple and problem free bolt on kit, which can improve your car more than 60HP. It cost 27K including electronic piggy back and labour. BUT, SC power improvement is limited compare to Turbo, however, it is more than sufficient for a street power car.
Turbo kit are more customizable and more room for future improvement. There are many option for you to choose. Single or twin turbo? replace piston and conrod? etc. The more you upgrade/improve your engine parts, to support your turbo, the more boost you can dial into your intake system, resulting more power.
No matter SC or turbo, you should upgrade your exhaust system. More intake need bigger pipe for output.
After FI, wow! you find Z is the perfect street racing car, really fast and responsive. By this stage you are probably have invested about 200K (Car and parts). You will find very satisfied with your ROI. BUT don't forget to improve your car handling parts. Antiroll bar and better suspension system, wider rear wheel with with wider tires (for sake of grip and safty)
My conclusion is, 350Z is a good buy at this moment. The car is cheap now, this make Z owner can have extra budget to improve the car either toward performance, exterior or both.
Z's roadtax is a bit expensive because of it 3.5L cylinders. You have to set a side for RM13 a day for roadtax, but I'm sure you have no problem on this. The important is, you will enjoy a lot of funs with this car.