Hey josh!! Nice to have you on the site. I am also big into the turbo colts. I have a pretty much stock white 89 colt turbo and a 4g63 swapped 93 colt as well. I think I remember you posting on revscene for my 4g63 92 awd summit wagon I had up for sale a month or so ago.
Good choice on the colt you bought! Its a beast!
As for cams there are lots of choices. Best try and suit them to the turbo you are running. Some people use brian crower 272's or the comp cams seem to be pretty popular as well.
As for suspension you can swap in 1g dsm awd suspension(springs/struts) with little modification. There is not much availible for the 3g colts for adjustible coilovers setups. When you go to a 1g awd suspension it will greatly increase you options for suspension upgrades.
have you signed up on
www.4g61t.org. ? They are the best site for 3g colt info around and there is tons of info on what will work and won't.
Good luck on building that colt up. - recently did a fairly mild build on my buddies black 89 4g63 turbo colt this summer. Went with a HTA68 16g, AEM meth kit, BC 272 cams and some other simple mods. It only put down 260whp on RG's dyno but we managed a 12.5 @ 114mph with slicks. These trannys in the colts can take a lot of abuse so I wouldn't worry too much about breaking axles with slicks. They are not wimpy honda's. Hahhahahhaha
Have fun!