For a basic 914 that wants 911 wheels I recommend:
Front - The 911T system Jamie mentions in his post. They utilize M-Calipers with vented rotors, Beefier 911 spindles and are a simple bolt on solution.
Rear - 914 Hubs re-drilled to 5x130. They are bulletproof (when done properly) and they simply bolt up to all your current stub axle/CV combos.
Nothing more is needed. Nothing less is recommended.
As Rich points out, you can simply drill your rotor/hubs (front) but... you'll have to do it every time you need new rotors. In the long run the proper front end is more cost effective.
I had adapters on my very first 914 some 20+ years ago. On a long trip they loosened and wobbled. Loc-Tite solved that but, I'm not a big fan as they throw your offset off and... it's hard enough getting a good contact patch under there without sacrificing almost an inch in needless spacers.
QUOTE
The answer is really dependant upon how you will use the car, how much stopping power you will need, motor, etc.
Spot on. If you're plans include a flared ride with a HiPo six our recommendations will change.
For a basic narrow 914 (stock engine or a little better) that wants nice wheels (I love the 5-Fuchs look) then the above is all you'll need.