Okay SJ, Here's only my thoughts on it - you'll do what you want.
As a 71 914/4 original family/2 owner (could be considered 1 owner-ish) with only 56,000+/- miles - which I assume is supported by the service documents/etc. from your Dad ..... a lot will depend on it's current condition.
IF it's still with original paint & interior - & iF those are in good shape today - then you might want to consider maintaining it as a survivor, but can do some mild & reversible engine upgrades (see below).
And that's also only IF it's a "numbers matching" original drivetrain (motor & transaxle).
If so, then you should probably first collect all of your Dad's documentation, the window sticker & dealer invoice etc. from the new sale (if he has them), & also get a COA from PCNA to document it for the above as a nice survivor (you'll get a discount for sending in a copy of the window sticker/dealer invoice &/or for mentioning the PCNA COA ad in Panorama magazine - even if not a member ~ maybe $10-20 off IIRC for each/both).
That said - IF it meets the nice low mile 1/2 owner "Survivor" original 914 (of any year), then it's probably one to consider keeping that way for value - both now & in the future. There just are not a lot of 56k mile time capsules around like that today.
You can still do some mods for your enjoyment, like getting another 1.7 or 2.0 flat 4 & have it built for performance to 1911-2000-ish cc (1.7) or 2056-2700-ish cc with either D-jet, modern EFI or Carbs. You could also get a sideshift trans either with or in addition to the substitute motor, for better shifting. Of course there are other ancillary parts to get if you do this, like the different exhaust, engine support bat, side-shift linkages, etc. - so it's not a simple drop-in, unless you stick with a "built-up" 1.7 & tailshifter.
However - whatever you do to it, do it in a way that you or a future owner can easily reverse & put it back to dead-stock original as a collectors car. Also try not to thrash & trash it, because that too will affect value - but they are meant to & need to be driven some, & babying them too much causing carbon build up & other running problems - but on the other hand you have more scarce parts today if something breaks, so some care is needed.
Keep in mind for Porsche Club Concours purposes, it has to be 75% original paint & 75% original upholstery - so up to 25% can be replaced in spot repairs or paint to still qualify, & many originality buyers, appraisers, other Concours groups, etc. think about it as still being "original" if 10, 15, 20, 25% has been replaced or touched-up over a 47-48 year life.
On the other hand - if it's in need of TLC & not great shape anymore, significant rust issues, etc. - then as others have said - do what you want, but I agree that the Ford I-6 is not a great choice, by both size/shape/length & many other factors; as there are many other better options whith many members on here for support - as noted above.
Also, if your Dad is still around, then ask him what he thinks & feels about it, since it's a family heirloom.
Here are a couple of pix of my buddy's original owner +/-61K mile `71 914/4, for which he's always getting offers & the serious ones were all well over $30K. No, the wood dash face, turned aluminum door sills/covers, hood badge, & wheels are not the factory ones - but they were VW of America dealer sold accessories available back in the day, which the original Porsche+Audi dealer put on the car when new by the dealer for a buyer who backed out, & then Jerry bought it as is.
It will give you an idea of what a really nice survivor 71 914/4 looks like for comparison, & you could post pix of yours/Dad's on here too.
Click to view attachment Click to view attachment Click to view attachment Click to view attachment Click to view attachment Click to view attachment >>>> If yours looks like this, then don't muck with it, is my advice!.
If you're not sure, then think on it a while before you decide.
Here's the Hagerty Valuation for a 72 914/4 1.7L - because for some reason they only list 914-6 under 1971 (they also erroneously list a 2.0 in 72 MY), but it will give you an idea of where a really nice low mile OO/1-family/father-son example might go for such as yours. The 1972 1.7L 914/4 shows recent values in #1 Concours condition of almost $30K!
https://www.hagerty.com/apps/valuationtools...Porsche-914-1.7 Good Luck!
Tom
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