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The S engine is worth more than a regular old 914/6 engine, but the value of the car takes a hit because it is no longer numbers matching. It's kind of a wash IMO.
Flares in general are a weird piece of 914 history. The 914/6 GT with flares was something Porsche wanted to homologate for Group 4 racing. In addition to that, what happened in the States was Porsche tried (unsuccessfully) to homologate them to B Production SCCA racing. Since there weren't enough factory ones made, they made conversion kits available as an add on sale through the dealer. As such there are a bunch of GT "replicas" built back in period using real factory parts but not actual GTs according to the COA. I guarantee your car isn't a GT from the factory, but it could have been built up as new or shortly thereafter.
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1974 914 Bumble Bee
2009 Outback XT
2008 Cayman S shop test Mule
1996 WRX V-limited 450/1000
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