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The 'E' Cams are the hot setup for a 3.0 with Webers. Ton's of Tourqe down low. I get 200 HP with as much torque to the rear wheels. The valve clearance is close, I think it still has the CIS pistons.
Nope.
I agree E-cams and Webers but you'll need new pistons. That is a VERY nice street engine.
This is where the problem begins with these motors (I have one). If you have Bruces' book, I would recommend what he recommends to start with. I think he basically states "put the Webers on there and backdate the exhaust." (which is what you would have to do with a 914 anyway). He also mentioned advancing the cams 6deg.
Think about it... it's a 180hp motor as is. With the Webers and the headers you should easily be at 200 and reading 180 at the rear wheels. Tons of torque and very streetable.
As the motor tires and/or you ambitions increase, start stock piling parts like cams and pistons. Making a 3.0 a ripping high performance engine is doable but, as you can see it doesn't come that cheap. Excellent block to start with IMHO.