what would the hp be?

[Veedub]

Well, 87mm pistons dont require machining and there less expensive.
Also for heads I was thinking of DRD's L3 heads,
specs on them
This style of head porting is for a street car/ off road car with a increase of approx 30% more than stock hp and flow.
Power output, depending on your combo, power ranges from 75HP to 125HP.
A full port and polish, small port, combustion chambers reshaped, intake manifolds matched, fly cut for
compression, comp valve job, springs shimmed to your cam and rockers, and flow bench tested.
This port combo retains bottom end torque, with excellent mid range and high end pull to 6500 rpms and increased
fuel mileage. For use on stock vw castings with stock intakes an stock exhaust valves.
Recommended mild cams shafts and mild lift .400 ~.450 numbers at the rockers.
DRD L3 porting labor per pair, includes Bead blast cleaning $275.00

And specs on the 118 Web Cam perf. cam
Valve lift .402"/ Dur of cam .283"/ Dur. at .050" .246"/
$87.00