Here's my take:
In 2000, I bought a car of unknown origin on ebay. It had a Serrano 1776 with dual kads. I told myself it was great, but it ran hot and was never quite enough. I'd guess it at 60 h/p.
I had the same engine in my JPS, and by the time I bought the IM
(as a roller), I thought I had it figured out. I had a 2110 with a pair of jacked up AJ Sims Kads (46mm). I never could get it to run right. I put on a pair of 40 Dellorotos, and was pretty happy.
... but being a torque junkie, I had to have more. I did a 2332 with all the stops pulled out. It's pretty cool, but to some extent it's a zero sum game. Nothing's free, and you pay dearly for every single horsepower over about 125 or so. I had 200, so I paid a LOT.
I wouldn't have considered anything less than a 2110 until I recently purchased a '64 panel with a nearly stock engine. It's surprisingly nice.
It's easy to get carried away. Jim's advice is really sound- if I was a "normal" guy (instead of an obsessive/compulsive maniac), I'd do this:
1915, with a 110 cam. Forged and counter-weighted crank, and good pistons and rings. Stock VW doghouse shroud (flaps included). 1-1/2" A1 sidewinder with EMPI flanged 1-1/2" heater boxes. I'd probably use dual Dellortos (40mm), but would try the 34 Solex with the electric chokes. I'd run about 8.5:1 compression with a set of mildly ported VW heads (043 would be nice), and be happy. That engine would run for 80K mi, and return 30 mpg. It'd be "snappy", and run cool in the summer and warm in the winter.
In short, it'd be everything you'd expect a speedster to be.
Because I'm me- I wanted 911 performance out of my flat 4, and ended up paying 911 prices for it. I'm happy. I can't recommend this route for everybody.
Stay simple= be happy.