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Yes, the 914-4 engine is of course a VW engine, but it is slightly different than a VW Bus engine. A 914 with a bus engine (you can tell by the engine code on it) is going to be worth less than one with a 914 engine in it.
The 1.7 and 1.8 are shared between the 914 and VW (the VW 411/412, but not the bus) directly. The 2.0 has different heads, which had some design input from Porsche, and was not used in any VW.
I'd agree with checking the engine code to know what you are getting. I'd also agree with avoiding carb conversions. These engines run pretty well with their fuel injection, which is a very simple system. Carbs on a stock 914 engine usually means the car has been worked on by someone who didn't really know what they were doing.
Like Denis said, the 73/74 2.0 is the one to own. However, following that would be the '72 1.7, IMO.
I'd avoid the 75/76, they have big huge bumpers, downgraded interior trim, a lot more weight and smog stuff that really clutters up the engine bay and saps the power out of already not-so-powerful engines.
The early cars (70 and 71) are a lot more primitive, like having a fixed passenger seat, non-retracting seatbelts (a pain!), less reliable window mechanisms, and other small interior differences. By 73/74, Porsche had the car as dialed in as it ever got during its production. The '72 is kind of in between.
Rust on the battery box isn't that big of a deal, because the battery box is easy to replace. The big issue is that battery acid and water weaken the paint in that area, eventually break through and go down into the longitudals (basically, the "frame" of the car). Then you have more problems than the car is worth.
Very cool cars, gaining in popularity over the past few years. There have been sales of nice 2.0s in the $20K range for really nice cars. That would have been unheard of 10 years ago.
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