The "right" suspension is the one that works best for whatever you're using the car.
For a standard looking spring and shock setup a very good setup is Koni dampers and ebaich springs. For a daily driver this is the "right" suspension. For a track car you want coilovers, something you can tweak for different tracks/handling characteristics and offer much better road holding.
£160 won't be a good budget for track coils (not even close), but they will be a hell of a lot better than 15 year old springs and shocks, hence the common misconception that they're so amazing (they're really not). You can buy decent new spring and shock kits for sub £200.
For bushes, some prefer rubber others prefer polyurethane. I guess driving style plays a big part in this, some are smoother drivers, others harder, others like fast changes of direction and aggressive steering control etc. From experience, rubber gives less grip but more notice of when it's going to loose that grip. Polybushes give more grip and better stability but they don't give much warning when the car is about to let go, it just does. I personally prefer polybushes, suits me.