Welcome.
For the model of your car, you're right about the 1=single cam & 2=twin cam. Sounds like you actually have an SL1 instead of an SC1, though. SL="sedan level", SC="sport coupe", and as dumb as it sounds, SW="sedan wagon". lol
You're not the only rotary guy on here, either - the shaolin uwp recently purchased one (I believe also a late 80's rx-7) for a track car.
As for the extra 15-20hp, the easiest and most cost effective way to do that would be to swap to the twin cam engine. Single cam (for your year) is 100 crank hp, while the twin cam is 124. Makes a big difference in a 2400lb car.

Otherwise, you'll probably wanna just do some simple bolt-on stuff - intake/header/exhaust. Do all 3 and get something to tune it with and you could probably get 10-15hp, maybe a little more, but overall the single cam doesn't get much better - there are those who have spent gobs doing turbo setups on the single cams only to get a little better power than a stock twin cam. The twin cams react much better to power mods.