Go V8 every time but then I'm biased.....
It has to be done properly otherwise the car won't handle the performance and you won't enjoy it. There's lots of info out there on how to do it. The bodyshell has to be sound as it could be dealing with 50 - 100% more bhp and torque depending on the route you take.
Adam
TR7 V8 DHC Jaguar Solent Blue. 9.35cr Range Rover V8, Holley 390cfm, JWR Dual Port, 214 Cam, Lumention, Tubular Manifolds, S/S Single Pipe Exh, 3.08 Rear, 200lb Spax & PolyBushes all round, Anti- Dive, Strut-Top Roller Bearings, Capri Vented Discs & Calipers, Braided Hoses, 4 Speed Rear Cylinders, Uprated Master Cylinder & Servo, AT 5 Spokes and Cruise Lights, S/S Heater Pipes, Replacement Fuel Tank. No Door Stickers. Mine since July 1986, V8 from 1991