IMHO go SC or later and not bother with the M calipers, though Dave's probably right that they are still plenty of brake.
I'm not sure if I interpret Philinjax's post correctly, but you needn't change x-members to use 911 torsion bars, just the control arms. I agree with the point about torsion bar availability. Later 911 suspensions (after '84 IIRC - could be wrong) had the lighter alloy x-member and slightly revised steering geometry.
Regardless which you choose, you will have to make some mods to retain your stock swaybar if you change more than just the strut/hub/rotor/caliper assy.
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