I wouldn't be too worried about the engine's internals, I'd be alot more concerned about the drivetrain. I was just talking to a friend who is a Lexus service manager and has lots of experience modding Toyotas (he was a Toyota service manager for many years before going to Lexus) about Toyco drivetrains, and he agrees that Toyota builds some of the strongest engines mated to some of the most marginal drivetrains ever (with the one exception being the MkIV Supra).
I am very confident you can double the stock output of the 2AZ without any engine related issues, but you may have transaxle problems, especially with sticky tires.