Postby Tora » Wed Jan 23, 2013 10:21 pm
My advice, as someone who has owned an AE86 for nearly ten years (not my "first" car, but the first car that was 100% mine), and who just completed a first-time engine build, would be to learn to walk before you run. A "simple" rebuild project has more than a few headaches involved and will require quite a bit more time and money than you think going into it. (Take the number of weeks you think you'll be working and multiply it by 2-2.5, and double the amount of money you think you're going to spend.) Though it sounds like you've done quite a bit of research, I'm not sure a turbo build would be the best choice for a first-time project.
That said, I learned more in the two months I spent rebuilding my bigport than I did in the previous eight years of working on the car. It's a bit more involved than replacing shocks, or installing a new clutch. So, when my new headgasket failed, it only took me a couple weeks to figure out the problem (missing washers under the head bolts, which NONE of my manuals mentioned), tear it all apart, reassemble it, and get back on the road.
Unless you end up getting some nice old lady's 25-year garaged pristine 100% stock GTS/SR5, there are going to be SO many small-to-major mechanical goodies to hone your skills on and dump your money into just to keep the thing on the road. When I stumbled upon my GTS--smashed clutch, leaking water pump, bad clutch master / slave, nasty carpet with about fifty cigarette butts under the seats and an oil pump leak that persisted for eight years until the headgasket finally blew--my number-one priority was just to keep it running and drive it.
So, I guess my recommendation is to work with what you end up getting, and don't try to go too big too fast. For a first build, I like your idea of going high-comp block to bigport head. It's practically stock, but with a nice power bump. Build it on a stand in your garage while you drive your car and fix the inevitable problems it will have. Now that my rebuild is complete, I have a pretty good idea of what my fantasy build looks like and how to go about it, but I'm in no hurry to have my car on jack-stands for another 2-3 month period. Now I'm free to work on day projects: full suspension bushing refresh, an electric radiator fan, some interior creature comforts, and I might finally have enough cash to get rid of the god-awful aftermarket wheels the previous owner put on the thing.
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Although I'm not completely sure on the engine. I was thinking about using a 4agze short block with a 16v head, or just rebuilding the 16v with lower compression pistons, thicker rods, and poncams. This would be my first time actually tearing down an engine, and I'm not sure if I can do it. 
I was also considering just doing a high compression, high rpm build. Less power, but the sound would be worth it. 
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