It's been a while but I though it be fun to post some dyno chart comparisons of different stock and lightly modified 911s and their build specs to show what is possible with some of the most common mods.
Below is a 3.2 to 3.4 conversion compared to a 964. The 964 in red is basically stock except for a muffler bypass and chip tuned on the dyno for an additional 20 hp, from 237 to 255 hp at the wheels. The 3.4 in blue doesn't make as much torque as the 3.6, but makes about the same peak hp at 255 rwhp. The 3.4 is built with the standard Mahle 98mm 3.4 p/cs measuring about 9.9 to 10.0 CR, with Dougherty Racing 993 Super Sport cams, a rebored throttle body, ExtrudeHoned manifolds, the stock air flow meter with an open airbox cover, stock heat exchangers with a Fabspeed premuffler and a Dansk Sport muffler. Both conservatively tuned for 91 octane fuel.
And below is the same two cars as above, but with my stock 86 3.2 overlaid. I removed the torque graphs for better visual clarity. Dark blue is my 86 all stock, and in green is after a chip remap. The engine and exhaust is completely stock, including cat and OE muffler, except with a modified cone air filter setup.