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If your crank and rod bearings are OK (they probably are), buy a set of slip in 98mm P/C kit n(10.5 compression), and you get a 3.4L. Then ad a set of good cams, (Dougherty, Elgin, WebCam can all advice you). If your budget allows, extrude hone the intake and bore out the throttle body. Also get a better exhaust system, the original "steals" at least 10Hp. Then get a Steve Wong chip for that specific build, and you will have 250 to 270Hp easy, with plenty of torque in the low end!
However, it's no secret that all Porsche flat six engines like to rev high, and that they come "alive" above 5,000rpm. Like with any Porsche, you should red line it every time you take it for a spin, and red line it as often as possible. Don't drive it like a Camry!!!
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