240 hands down, there’s a kid selling his on here. The KA motors are friggin tanks. Lightweight and cheap. I have one and I beat on it ( hence-beater 
)
The open diff will be a PITA, but again, not technically required, but it will be like night and day. Get it welded or save about $300 for a 300zx LSD.
Suspension will make a HUGE difference, as Jim said, that will be my first investment.
Find an old set of tires to use, you’ll burn through some rubber. The cheaper the tire, the better they usually are; the rubber is usually lower quality and harder. All-seasons would be a good start I’d imagine.
Most guys get a lighter flywheel so the can rev high when they drop down to second to break loose their tires. Tons of other ways to initiate a drift. The heel-toe puts all the weight to the front of the car making the rear easier to break.
lol, sorry I noticed I’m rambling on. Anywho, there’s a good group of 240’ers around including myself. None of who’ve I met are idiots or go around calling them selves drifters, but do enjoy pulling out of a slide every now and then.
Oh, RWD corolla, MUCH cooler than a 240 
EDIT: As far as the comment, What’s the point of El d0rifto in the first place, I personally poked fun at so called “drifters” at first . Personally I think the word has been skewed too, and usually comes from the mouths of FWdrivers who cannot or have not put their car sideways and controlled it through a turn. It’s not easy and in all honesty living in this kind of weather, can damn well save your life if you knew how to controll your car in an extreme situation. Compared to going out and racing someone on a public road, it’s a safer and highly enjoyable passtime (you’ve all gone out and played int he snow right?) Ok, nuff rambling lol