The reality of the 2.5L is that it works just fine offroad, but it suffers at highway speeds. You can improve HP, but typically, it is done by sacrificing low end torque (which is what you use when you wheel). Now, I have a ton of mods on my engine with more coming down the road, and what I can tell you is this:
1. All the small mods help a bit here and a bit there, and many of them work better together than by each own
2. Gearing will not increase HP, but WILL increase performance (you'll FEEL more power). I would say short of the turbo, it's the most felt mod, but it is also one of the more expensive ones.
3. If you want more power and do not want to use force induction, you can also try increasing the compression ratio. 10.1 to 10.5 seems to be a good range, but you will also need to run better fuel (91 octanes or more)
4. To have more power, like Sharp said, you need more air AND more fuel, and a way to ignite that mix; if you only increase one without the other, you will not get more power (the PCM will compensate as much as it can to be close to the 14.7 mixture, but it can only compensate so much).
Look online for what people have already done; there are a couple of turbo builds, I know Sharp was working on a supercharger (you ever finished that, Sharp?), and a someone increased compression ration not long ago. Everyone here will let you know the good, the bad and the ugly of what they did, and you can choose which is the better option for you.