The "right way" is subjective. But I spent somewhere around 8k on parts, machining and assembly for my longblock. Then you have things like the turbo, manifold, downpipe, exhaust, boost controller, wastegate, blowoff valve, intercooler, intercooler piping, larger injectors, upgraded fuel pump, afr monitor, fuel control, ignition timing control to think about.
Obviously you can get away without some of these and you might be able to save by buying from ebay and china parts from CX racing. But you need to sit down and write out what you want. Do you have the budget for you plan? Can you afford the car being down for months for the rebuild?
Lots of people come here wanting people to tell them exactly what to do. But its your build you need to figure out what YOU want. We can offer better advice/guidance when you decide on a plan.