If you have the chance, try and get a ride in/drive each of your choices.
I have a 500+ hp LS3/Boxster 6-speed conversion and while it's great for bragging rights and goes like mad, it's really about what you want from the car.
After building this one, I wouldn't do it again. I'd look for, at most, an engine in the 275 - 300 hp range. And something lighter.
It's not that a V8 isn't a great option, it's just makes the 914 into something that isn't quite as nimble. In my car, the driving experience is dominated by the engine. Again, not a bad thing, just something to know before you decide.
Come out to CA for a visit and take mine for a drive. It'll certainly help inform your decision.
And whatever you decide, we expect a detailed build thread!
Best of luck as you move ahead.