Reply to "Need help on which route to go"

Eric, did you have any indication that the engine needed work before you pulled it? Poor performance, noises, leaks, smoking or oil consumption, anything like that? 33k miles is not much. With a known 1 owner, low mileage GTS, original std bore (?) engine, you might want to think twice about how much you do to it; I know I would. You can achieve impressive performance, improve reliability, and still preserve most of the originality with a few selected changes. Did you do compression and/or leak down tests to see if you really have any problems that need addressing?

As George said, upgrade the rod nuts, timing chain set, and damper for sure. Replace the valves if they are original, regardless of their condition; they are prone to break. A properly set up duraspark ignition should be quite adequate for street use, and is almost original. A better oil pan would be wise also.

Ultimately the choices are up to you, of course, depending on your goals and budget. Just my $0.02 worth.