Well, the shifter on the v160 is further back than it is on the r154, pretty sure the transmissions are different lengths as well which means no on the driveshaft. You could still use it if you got a 1jz bellhousing for that r154 though.
As for the exhaust, you can probably get that to work with either a custom dp for the 2jz or with an aftermarket dp and an adapter pipe to fit it to your current cat-back.
If you didn't want the project to be too labor intensive, I'd stick with the r154+your driveshaft and exhaust, buy an intake for the 2jz, and sell the v160 to pay for a good chunk of the swap. Last time I checked, those transmissions still went for a good amount of money
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1989 7MGTE R154 Targa Top White Package w/Blue Interior
Driftmotion 57trim CT26, Upgraded Intercooler, 2.25" Hard Pipes, 3" Turbo Back Exhaust with Test Pipe, HKS VPC w/GM 3 bar MAP sensor, APEXi S-AFC, Walbro 255lph fuel pump, ProSport EVO Series Boost / Fuel Pressure / AFR gauges, Lotek a Pillar Gauge Pod, HKS Type 0 Turbo Timer, Eibach Lowering Springs, Tokico Illumina II TEMS struts, custom powder coated Motegi Racing TrakLite wheels
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