I might as well chime in too as I have a bit more knowledge when it comes to upgrading and modding a W530.
CPU - Most 3rd gen (Ivy Bridge) quad core CPUs have a TDP of 45W. However, the Core i7-3632QM has 4 cores and 8 threads and a TDP of 35W. Less power draw (more battery life) for similar performance. This CPU can be bought on AliExpress for pretty cheap.
Best 45W stock CPU vs. 3632QM
IPS display - Only a 1080P IPS display is possible right now and it requires some case modifications apparently, and it might not look stock from the outside.
Adaptor board for 1080P display. The seller suggests using the AUO B156HAN01.2, which can be purchased on laptopscreen.com
here. You could also buy one from someplace like eBay or AliExpress—be careful though; some people sell fake displays which might not look the same or might not even work. There are several displays that work but they all have physical differences which changes how the display fits.
Here is a thread from this forum which documents theterminator93's experience fitting an IPS display. They don't use the AUO display, something else, so if you go with a display different to theirs your experience may be different. If you plan on doing this mod, read this thread first. It's a long thread but worth the read as it will be a great help in understanding this mod.
Classic 7-row keyboard - This is possible, but with a couple keys being rendered non-functional—Fn+F12 (hibernate) and Fn+F3 (power manager shortcut)—and no CapsLk light. Every other key or light works as is expected on an xx20 laptop to my knowledge. This involves flashing the embedded controller (EC); you will need to do this on Linux and your W530 needs to be on EC version 1.13 (which conveniently comes with BIOS version 2.58, see the 'Modded BIOS' section below). You can find a link to instructions for this in the ThinkWiki page linked below.
Guide from ThinkWiki
Touchscreen - You cannot install a touchscreen display, not even aftermarket. However, you can purchase a USB-A touchscreen digitiser and a miniPCI-E to USB-A card. All ThinkPad W530s come with a miniPCI Express slot which is typically used for two things; a WWAN card or a miniSATA 2.0 SSD (slower than SATA 3.0, which is used in the main hard drive bay). Theoretically, you could put the board of the digitiser and most of the cable behind the display, route the USB cable through the right hinge, and down into the—very conveniently placed—miniPCI-E to USB-A card. You can move the antenna for the optional WWAN card (black cable with red tip) back through the hinge and underneath the LED/mic board to the left of the lid for more space. Note that, to my knowledge, no one has tried this before. This is a little project of mine which I will get started on soon. Also, you'll need a modded BIOS to install the miniPCI-E to USB-A card; this is because the stock BIOS implements a whitelist on that slot and the Wi-Fi card slot, only allowing select things to be installed in those slots. We'll get into the modded bios on the next section.
USB touchscreen digitiser. There's a lot of these on AliExpress.
miniPCI-E to USB card. There's a lot of these on eBay.
Modded BIOS - For a while, BIOS modding was only possible with hardware flashers—no softmod route—because the BIOS was rewrite protected with software (BIOS mods usually work by flashing a modded BIOS over a normal BIOS of the same version). However, we're lucky enough to be in a time where 1vyrain exists. This gives you; 1. overclocking support for certain CPUs, 2. whitelist removal to use any card in either of the miniPCI-E slots (the wifi card is in a small miniPCI-E slot), 3. an advanced menu in the BIOS which gives you a few options such as fan control and the ability to disable the Intel Management Engine (ME FW). For this you have to be on a BIOS version compatible with 1vyrain; for the W530, this is version 2.58 (which conveniently comes with EC version 1.13, which is compatible with the 7-row keyboard mod). If your BIOS is on a version higher than that, don't worry! You can downgrade; download the BIOS from the link below and run 'flash.bat' (in the folder that says it has flash.bat, ignore the other folder). This should bypass any BIOS downgrade restrictions... uh, I'm pretty sure it will, at least; I haven't tried this on a W530 but it works on a W520.
1vyrain GitGub page; download and instructions
BIOS 2.58
Blu-ray Recordable Erasable (BD-RE) drive - A disc drive that slots into the Serial Ultrabay Enhanced drive which allows you to read from and write to CDs, DVDs, and Blu-rays. Alternatively, you can get a SATA hard drive bay that slots into the Ultrabay. These are plentiful on eBay.
ThinkWiki's article on the Serial Ultrabay Enhanced Blu-ray Drive II
Palmrest/keyboard bezel - I managed to fit a W510 palmrest with a fingerprint reader and a coloromitor on my W520. I did this because it was cheaper than buying a W520 palmrest with the same features—by several hundred dollars. All you need to do is trim some standoffs and clips to be more like the W520 palmrest. I did this with a razor blade; make sure to wear some thick gloves that will actually protect your hands; I used gloves I use when go karting. Not sure about doing this on a W530, but I've read you can't fit a W520 palmrest on a W530 due to differences in the magnesium rollcage on the inside or something, so the chances seem slim lowkey.
Motherboard replacement - Fried motherboard? Got the Quadro K1000M GPU but want the superior Quadro K2000M GPU? A motherboard replacement is surprisingly easy, despite having to disassemble the entire bottom half of the machine to get to the motherboard. If you want the better GPU, just make sure the listing specifies that it comes with a GPU that says 'N14P-Q3-A2' on the die, or message the seller. You can find these boards on AliExpress for not too much.