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(sorry but I am thrifty or 'cheap' according to one guy I know).
Well... you now have a new moniker and, sounds like you'll fit right in with the rest of the CSOB's here.
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1. What kind of costs would a 914 project take? What I mean is that I am used to the costs associated with a classic Mustang. This a Porsche after all and I can just imagine parts and items being 3x as much as I might be used. The associated costs of parts might very well make this a no go.
How thorough do you want to be? It can be as much as a Rustoleum roller job (search is your friend) and a bunch of free parts from the gang here or... it can be a full on ground up restoration with nothin but new or NOS parts. It really depends on you and what you start with. That said, I don't see 914 parts any more or less expensive than Mustang parts.
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2. I really like the idea that these 914s can handle pretty well and even do double duty as a driver and a weekend racer. Although I don't have plans for that sort of thing, I like the idea that if I chose a 914 could easily do this. From what I have seen on this site many folks put in a different motor. Why is that? Is there something wrong with the stock motors to where one can not get power out of it?
Probably been answered a million times alread (didn't really read through the thread). It's difficult to get real power out of a T4 without spending real money. I think it's fairly easy to get 120 with bolt on stuff (P&C, Cams and Exhaust) but, when you want real power... it comes at a cost, both moniterily and reliability. There's an alure to bolting in the factory's answer or... some smokin modern Suby solution. It's a fairly easy car to bolt anything into.
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3. Availability of parts. Nothing sucks more than being close to finishing something up and not being able to get a part. Is that the case with 914s?
I almost stated this in #1. Hang out in the classified section. You'll find everything from Mud Flaps to 3.6 engines. You'll be able to get a handle on these things fairly easily.
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4. Are there any part supplier catalogs that I could order (free hopefully) to take a look and see what can and can't be gotten for these cars and the costs? This could be a big help with question 3.
Your best resource is "HERE". The knowledge of these people here far exceeds the need for a catalog. Both GPR and Pelican parts are some of the very best vendors out there. Honest as the day is long, 914 owners themselves and very FAIR pricing. There are those to stay away from but, I'll let you decide on that... all I'll add is "trust what others tell you here.
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5. What are the basic restore/mod projects (sway bars is one I read about) for a 914 to bring it up to modern day par? You know the 'if you have one you should do this this and that first thing.
No. There are no "basic" mod/restore projects that accomplish this. There are things you can do (like sway bars) that were done back in 1970 that should have been done to all the cars. That's a great one BTW. Others include, get your brakes up to snuff, get excellent shocks and get some great tires. You'll be amazed at how your car can change with a suspension "spruce-up". Modern day par involves 3.2 or 3.6 engine, power this, power that... others have done it but, I don't see it ever fitting into the "basic" category.
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The other project cars on my radar are: Miata (I know its not old), VW Super Beetle, Triumph TR-6, Datsun 510, Datsun 240z, and Alfa Spyder.
Based upon your criteria in your original post I think you can narrow it down to 3 or 4. 914 (my favorite of the group), Miata (Slits favorite... I hear Brant's fond of them also) the 240 and the Alfa. That said, from what I read, you have all of the qualifications of a 914Geek (I have a real fondness for the 914 and its unique looks. I like that it is both a coop and a convertible with the targa roof. I like the style and the unique look of the car. I love that you can't find one on every corner. It seems to be a very simple set up as far as working on it goes.)
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Anything else I should know or be aware of if I decide to jump in to another project with a 914? I appreciate your time and all comments and suggestions.
Every one has rust. Welding skills can save you money. I've found welding is like playing guitar. A few can do it really well. A bunch are hacks and should probably put it down, and a bunch more just like to watch others do it. To do it right costs money. To do a Super Beetle right costs money. Do it because you love it, not because you expect to rake in a ton of dough someday when you decide to sell it. Use the board for any and every resource you can ask or think about. Someone here has done it already...