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It really depends on what 911 engine you get. You can get a stock 914 down to around 2200lbs pretty easily, at which point a 200hp 3.0 engine or a 275hp 3.6 engine will really make the car move. If you're serious about weight reduction, you can streetably get the car under 2000lbs. The car would be quite quick in a straight line, and with a little suspension work and some good tires, there isn't much that can keep up with a 914 in the corners.
There are other options than the 911 engines as well, people have done smallblock V8s, Subaru flat 4s, Mazda rotaries, I even saw a 928 V8 swapped in once.
I think a 3.0 911SC engine is a good place to start. They're fairly common, not as expensive as other motors, very reliable, and they make an honest 200hp stock. With a bit of work, you can get more out of them too.
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