Originally Posted by Karl @ FPT

Ok so I'd go with:
Wossner pistons (stock CR)
PEC rods
ARP bolts
Ford/Payen head gasket
Newman Cam & solid lifters
NMS head work (bigger valves optional for your target bhp)
AP Racing Organic Clutch CP2000-35 and MK5 pedal mod
Stage 3 T3 .48/55
Custom inlet and exhaust manifolds always help

This engine will be good for 300bhp+ but you will be very lucky if the old MFI can fuel for what you want (200-250) and stay in tune too.