I to own an 89 LX. My daughter use's it for getting to school and work. It has the 2.3. Low on power, but I prefer it that way. It get's good milage and is dependable.
The 5 lug converstion can be real easy if you contact your local speed shop and let them know what your doing. Nascar Part's sell's a direct replacement for the front rotor's. As for the rear drum's you need to replace the axle's and drum's, or you can have your axle's drilled to except the 5 lug drum's.