I will try to offer an unbiased view. I haven't driven a Subie conversion but have seen several blow up on track. It might be great but I'd look hard at options before going this route. I think a six would be great...if you can afford it (now and later). You will give up power, reliability and future maintenance. I sold my LS powered conversion for more than double the last "6" I had - I wouldn't consider either, if executed well, to be an advantage. The market is large for both.
To address a few misconceptions (whether based upon reputation or experience):
1) LOUD = Porsche motors (but in the ear piercing way); LS = Deep, low bass - matter of preference. My LS1 powered street car was so quietly muffled you could hardly hear it. Either way, the sound can be controlled.
2) LS = "Turning tires into smoke" and "smoking the tires off the rims" isn't necessarily the case - just a subjective view. The fact that one motor CAN do this while others can't should not be viewed in a negative sense. I didn't turn tire into smoke or burn them off the rims this weekend (a DE as a matter of fact).
3) No matter what you do, to do "it" right, it will cost serious money. To build a hot-rod, you can do things more cost effectively but when you cross the line and put your LIFE on the line (on the track), there is no room for short cuts. Bad designs, poor engineering, etc. is a recipe for disaster. To track a 914 at all takes some guts no matter what engine you ultimately choose.
4) I don't have a dog in this fight and don't care what you choose - its not my car. However, make sure your selection is based on "fact" rather than fiction or folklore. Ideally, in a perfect world, you would test drive a 914 that is set-up in a fashion similar to how you'd build your car. Don't test drive a hot rod if you want a car to perform well and reliably on the track - makes no sense. They are different animals.
5) Lastly, engine choices are not made based on multiple choice polls...I did not vote (FWIW).
Just my two-cents...best of luck!
Tony