My 1764cc F7P with a bit of head work, cams, verniers and breathing mods made 128bhp @ the wheels at a recent RR day. Most standard 16vs seem to make 110-120bhp @ the wheels, so Id say youre on for a 10-20bhp increase at the wheels with the mods you mention. At the fly calculations are an imprecise science unless you do a direct at the fly dyno (which requires the engine to be out of the car), but Id say that 150-160bhp at the fly seems to be the norm for those mods on the F7P.
With the F7R bottom end, my expereince is that they make about 140bhp at the wheels - before any mods. Thats 172 territory and explains why 2.0 16vs/Willys seem to be faster than 172s/Cups up the 1/4 mile.
Unless youve got the cash for forced induction, an F7R bottom end is the way forward if you want power.