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I address this on my web pages...115hp is all you've got. To get 150 or so you'll need to drop in a 2.3 and do the modifications I list on my car's web pages plus the cam I don't mention (not really legal for the SCCA class I run in...ssshhhhh!). Any more than that you have to do a turbo conversion, which isn't all that hard. Just drop in a complete Audi 5000 turbo engine (you'll lose your a/c), step-by-step instructions are available on the web. The downsides are: no a/c, intercooling mounting is difficult, lots of heat, turbo lag but you're on your way to 200+hp.
I would NOT waste my time or money rebuilding a 2.2 'K' motor. It will cost you as much as your car is worth just for the basic rebuild. Parts are expensive, no matter where you shop. Easy enough to buy good used engines, since they last 250,000 or more miles.