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Lots of good advice, but I'd follow jpnovak's closely.
I have a white SC too. For myself, I've discovered it's a good idea figure out what your long term goal is. Some here are headed toward a track car, some a canyon carver, others a nicer daily driver. This advice doesn't just apply to the engine, but to the suspension, brakes and even the interior.
You already have a very nice car. Best bang for the buck is to improve the driver. Take instructions through PCA or one of the schools. This will also help you discover your goals.
It doesn't make sense to replace the cams, until you replace the CIS. But you can replace the CIS without doing the internals first. Another inexpensive bolt on is to get an MSD 6AL and a matching coil. You'll not only get two sparks (up to 3000 rpm, idling and cruising), but you can also set a bigger gap/spark on your plugs. Your butt dyno won't notice it, but your ears will tell you it's running a little smoother.
Do you really need bigger brakes or would slotted rotors and more aggressive pads be enough of a boost? It's a noticeable improvement, but maybe you want more cooling capability for on the track?
Wheels and tires? Everything, literally everything, your car does passes through the wheels and tires. However, I'll mention that bigger tires up front will reduce the nimbleness of the steering. Also, when I changed from 16" wheels to 17", the ride got harsher. Of course I got tires with stiffer sidewalls at the same time. I'm back on my 16" Fuchs for now, but I'll keep two sets going forward.
Stiffer torsion bars and sway bars are tightly associated with your goal, so I can't speak to that. But it's most likely that all the rubber bushings are tired. Upgrade to the turbo tie-rods. If you plan on lowering the front end, get a bump steer kit?
Surprisingly, you didn't complain about the shifting? There's a two piece kit for the bushings on the bottom of the shift lever. There is also a shift coupler under the plate behind the front seats. I found the rubber in mine was crumbling. You can just replace the rubber or upgrade to a more positive after-market coupler. I found the after-market couplers transmit more engine and transmission noise into the cab. There are after-market shifters. Shifting is a big part of the driving experience, so I'd recommend taking a hard look at them. But stay away from the low-end short shift kits. They just make the problem worse. (The exception is Porsche's own short shift.)
Install the pop-off on the air-box now, even though you plan to remove it eventually. It has a lot of resale value. Trust me I know.
Lots of incremental stuff to think about before tearing into what appears to be a sound engine.
Michael S. Jackson
'78 SC w/Bitz EFI
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