Sure Chris, anything can be tuned but the CIS injection on the 3.0 911's is only the start of the problems. You also have very mild cams to work with CIS, low ( by todays standard ) C/R, so so intake runners with a crappy airbox setup and a big need for lots of oil cooler to keep it alive. The T bar suspension will work fine but is a pain in the ass to work with and bars are mucho more $$ than a 2.5" coil over spring. I love air cooled 911's, but unless you are in a class where the changes allowed help all the pitfalls, you are just riding around in a cool car that makes cool sounds....
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All good points made by someone who definitely appears to know more about these cars than me. I still can't help but think that at the specified weight, with the great braking potential and reasonable power that this could be a competitive car. It's all moot really, since I certainly won't be affording race car maintenance at Porsche parts prices any time soon.