The smoky V6 issue was fixed by the dealer as part of a TSB. The ones that are smoking now are people too lazy to take it to the dealer to get the TSB or they are just worn out.
The 4-speed electronic automatics are known to be problematic at times. Numerous revisions have been made to the code and electronically actuated solenoids that control the transmission. Take the vin to a dealer and have them look it up, they can probably tell if the car has had any of the TSB's performed on it. Get the latest code and parts/pieces and be sure to use the proper fluid at all times.
BTW, the V6 weighed about the same as a turbo 2.5 and made the same power and torque (different power curves of course). The issue is of course that the computer code was from Mitsubishi, so it doesn't seem as easy to hack as the 2.2/2.5 code and because of that issue, modifications are all but useless without finding a new computer that can control the engine and automatic.
The engine itself is the SOHC version of the DOHC engine used in the twin-turbo Stealth/3000GT and with variable cam geometry in the latest Eclipse. There were larger versions of this same basic engine used in the Mitsu trucks (up to 3.8L, I believe also with DOHC) Unfortunately, the DOHC motors seem too wide to fit in the engine bay of the Chrysler, but it would be a fun swap and worth double checking with a tape measure if you get a chance.
This same basic drivetrain was also used in the minivans of the era, and they also were offered with 3.8L Chrysler V6's as well as AWD (transaxle case is specific to these as are the suspension parts), so there is another interesting swap potential if you have the time and dedication for it. The AWD system is not the greatest as it connects the back wheels to the passenger side of the differential. So losing traction on the left front will cause the other three wheels to stop moving.
I think the MegaSquirt forums were working on getting the latest version of MS to control transmissions, ABS, traction control, etc. Not sure if they've made any headway or not.
Luckily the is the same basic transmission as was used in the Plymouth Prowler so there may be some aftermarket parts available that can be adapted.
Turbo engine swaps are rather limited unless you find a donor chassis as the turbos were gone by 1992 and the engine and body harness is completely different. Although a 1991 Spirit R/T would be a fun, if not expensive to maintain, swap.
Otherwise the modifications to the Chassis are common to the Chrysler K-cars. GRM did an article on this a while back. Makes for a cheap, fun street car but newer, similarly modified compacts will run rings around it.
My vote would be, if you need a DD, get it and cruise around in it, fix whatever is wrong or broken and sell/trade for a better car down the road.