MK4 engines can easily be mapped up to 350bhp + along with a few choice mods here and there.
MK3 VR's are bit of an effort to get anything decent out of them despite the 6 cylinders. I know of only a few that have got near the 300bhp barrier and the easiest route on them is to get a supercharger bolted on. There was a 240bhp one at pod a year and a bit ago, a friend has a 280bhp one.
Either way you have to realise that this is still a very heavy car in both guises, so handling will be down to getting the suspension set up properly which can easily rinse you of the cash that you might use for a charger or getting the engine re-mapped. Otherwise you will have loads of power and nothing to handle with and no doubt end up binning it in a hedge when chucking it into a corner.
Personally i would get a VR cos i love the sound and that with a charger on is just beautiful.