it depends on how often and where you want to use it. if your going for reliability and everyday drivability, steer clear of wild cams and race clutches. all they'll do is give you greif in traffic as you'll be revving the thing to stop it stalling and a race cluthc is pretty much on/off.
lots of people would say stick a 2ltr bottom end on it but when i re-built my 8 valve i couldn't find a decent one that hadn't done tons of miles or one that looked in reasonalbe condition. i figured any would really need a re-build anyway so i bored my block out. i bought new pistons and gave them to a machiner who bored my block out to 1940 i think. then i had my head polished and ported, i already had a piper 285 cam which is nice when it kicks in but can be a pain in the arse in traffic. but i don't use mine every day so its not annoying enough that i'd ever change it to anything else.
i then got a milltek corrado g60 downpipe and had my exhaust manifold ported out to match it. so in theory, it sucks air in through a standard airbox and k&n filter, through a mildly polished inlet manifold, through a performance head compressed in a bigger volume and exited by a very efficient exhaust.
i'm not sure what power its putting out, we'll have to see what happens on the rolloing road day! but it needs the cam setting up better and i'd like to have it properly set up on a RR to get the best out of it then have the ecu tweaked/re-mapped/chipped to get the best out of the mods.
this is all on a digifant.