[Perfectlap]

by the way, mind sharing what you estimate this project to run? Including the car itself of course.

Here's what I spent on exterior mods. I'll include the wheels here since you can't really do aero while leaving the 17" stockers in place.


$2,100 factory Carreras.
$1,100 RA-1
$1,000 GT3 factory front bumper
$700 GT3.2 aftermarket skirting
$350 Boxster Spyder aftermarket rear clip
$2,000 GT3 seats
$1,400 Litronics.

^ About $9K and that's with some excellent pricing on a few items that have gone up considerably since. Today these exterior mods would probably cost you $12-$14,000 or equal the cost of buying a Boxster S.
Mind you, this before we add the Fabspeed exhaust, new shocks, painted/carbon fiber interior mods, and addressing the 13 year old canvas...

You seem to be committed to the roadster concept. I don't think this is so much a question about which to do first, exterior or engine, but instead the question seems to be is modding an old water-cooled Pcar the best route to take with the level of investment you're probably looking at once all the work has been done. Not to mention the time.
Personally, I'd save up for a Boxster Spyder. For me that's the last great Porsche roadster, still the lightest, rawest, most powerful/best chasis that can be had with non-electric steering, and simply the most driver-oriented. It will be a while before they're into the $40K range but you won't be far from that with this project once you factor in major maintenance as well.

People often say "they think I'm rich because I drive a 10 year old Porsche. Little do they know they're new Accord cost more". I kind of laugh when I hear that because a 10 year old Porsche's cost of long-term ownership is enough to buy a few Accords. Or I could simply show them the invoices from Indy...and his rates are the best. Close inspection reveals little of those tabs were labor, mostly parts.