Restore or Modify?

Alright,
I'm hainvg trouble making up my mind on what to do.

I have a 1976 Porsche 914 that I've blown the motor on.  I'm trying to decided if I want to take the opportunity to restore the car.  (94mm bore x 71 mm stroke with stock d-jet) or modify it.

I can make about 80-90 bhp on a stoke rebuild if done right.

Or if I hotrod it I'm going to pull unneeded weight out and increase power.  The setup I'm thinking of for a non-original motor, will put out hopefully about 160-175bhp with a car weighing roughly 2050.  ~12.1 Ib/hp
Standard here seems to be Honda fans, so compare to a 09 Civic Si 197 at 3000 so ~15.2 ib/hp

In either case I'm stripping the car down to the tub and repainting and rewiring so this is several months and several thousand dollars down the road, but I need to decide since if I got original, there are several nearly unubtanium pieces, out of the 76 d-jet system which is slightly different than the 75 djet, that I need to keep an eye out for.

It should be noted that this 76 is matching numbers, and a '76 48 state legal non-catalyzed verified on both the door sticker and the '925' engine tin.  As best I can tell about half the '76 were shipped without the smog equipment...  So 1 of maybe 2100 of it's kind...

I'm asking here since on 914 or Porsche fan sites you get very biased answers...

FYI my power numbers are fairly conservative...