
Frank, Your alright,
Where do I start? ... Your in a good spot, alot if not all of us have been there, It is just the beginging. Don't concern yourself with getting alot of nice tools right now, bettter to use what you have and occasonally buy a tool when you discover you need it, all the cheaper tools I used to get my car to where it is at today are gone (givin away or thrown away) and were used sufficiently; after having gone through everything to the best of my ability and skill, most of which were picked up as I continued projects, then and only then did I aquire a small set of necessary sweeter "lifetime" tools that knew exactly what I needed tham for and where and how to use them.. I started/ended up using 2 buckets of tools overtime, now I have one not overcrowded tool box that allows me to work on/repair just about everything, and I get to keep it in the car without taking up alot of space, I also have a few minor/ easy replaceable parts in there as well for the more common but potentially stupid failure easy fix on long 1,00 mile road trip break downs.. Your going to get there.. But until then if your road tripping get Auto Club, A couple fo test drives I was glad I had them and the tows I had left over I used to take either to the mechanic or paint shop

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#1 the valve adjustment is easier than the long drawn out pelican parts procedure makles it.. "good to read what to do but how you go about doing it is up to you', I just use a single jack in the morning cold, not the stands and wait over night and whatever else crazyness he is doing.
#2 the fi is easy to learn, and cheaper than buying carbs, at least try to learn it and dial it in before you toss it.. The FI desighn is not the problem, there really is only a couple adjustment to be made on it, the issue then is failing or faulting components.
#3 the exhaust leak, the guide tube oil leak, the torqueing the heads? would be best done all together, definately replace the guide tube seals and the exhaust to cylinder heads gaskets at same time before just torqueing the head down, which when you end up realizing it did not work, you are going to have to loosen them up to get to the guide tube seals.. and to back the cylinder head off your going to want to dismantle the exhaust system a bit, do it all at once, one time.. It is a bit laborious at first but cheap on the wallet..
#4 I do not understand the "low idle" problem you have been reading about but that is part of learning the fi..
#5 If your really getting a side shift soon, save that project till you get get it, as replacing bushings are different for each...
that is enough on this thread, there are a ton of more experienced 914 members on here than I so tackle on project at a time, posting for help. Don't do like me I did not post for over a year until I got stuck on more serious issues.
Google is the best tool you have, read read read read... Then do not trust everything read. There is this site and a whole lotta of else out there...Check the source. When I go on 914 club before comming here I thought everyone was a 914 god, they are not, I am not. You will learn the ones that are professionals, and you can trust as you would a paid mechanic. Everyone is on here to either help or learn or score parts or sell parts. Even bad info is good info, read other people problems that do not concern you yet ect.. Learning from other mistakes saves time and $$$ 914 World member "The Cap'N" has saved me unwittingly from going off on any non-factory improvement tangents, thus saving me headaches, wasted money and time. Alot of things sound great but if your unsure or un-informed, one non-factory improvement may sound like a great idea, even seem logical but can lead to having to re-desighn other components to deal that improvement and soon enough your re-engineering the car above and beyond your skill level or need for...
Drop your front end a bit (2x11mm bolts) and forget about the suspension for now.
First and foremost make sure you can stop your car, how is the brakes? you do not need to restore them right away just make sure they are working properly..
Then I would start with getting it running properly, to the best you can get out of it at this point with what you have..
Then address the leaks unless they are hugely serious now,ect..
Anyways that is my 2 cents, 1 issue at time, post here or pm me anytime. Currently I am busy looking for work, so I can't really come over, but maybe on a weekend , I have a job in Hawaii that will not start for months but when it does I am gone..
Good luck..

it can become an obession so enjoy the learning curve as you go..
Final thought is what I did when I got my car, I took it to a skilled 914/Porsche mechanic for a super go through tune up. At that point this old gray hair Porsche mechanic set me srtaight as to what I had and where I needed attention.. Worth the $$$ for a clean starting point.. Plus being he worked on 914's since they came out, he was able to spot right away what was wrongly being used that should not belong in my 914 for the engine it is.. Things like that can get you off to a good start and base for understanding, I may have not noticed the previous owners erroneous fixes for some time and and never understood what was not right.
and after couple Porsche shop invoices you will realize a new found motivation, I used the money I saved from hours of learning and doing it myself to put back into the car, plus there is alot of satisfaction and confidence when your the master of your 914.