Tim,
Drive it and enjoy it. My 77 911S went to 155K before requiring a rebuild, due to valve guide wear. That was with no upgrades and Thermal reactors etc. (Cool Pacific NW climate). Then I rebuilt it and performed all the typical upgrades. I tapped into the great people on this board to help me thru that job. I'm at 200K+ and it's running strong. Once the weaknesses are addressed these are great and often overlooked cars. Great price/performance. Also, any 3.0 or 3.2 that you pick up may require work as well. But, when your 2.7 wears out, buy a 3.2 and drive it while you build your 2.7 up to RS specs. You'll learn alot and have fun.

 

I agree, sorry to jump in here so late but the 2.7s get a bad rap. Yeah they had issues but once they are addressed a warmed-over 2.7 in the early lighter chassis is a lot of fun. Most the problems were in hot climates as well, with the NC weather (assuming it has been there all it's life) and no reactors you could get a lot of life out of the car without getting into the motor. Drive it and enjoy!! - oh yeah, those cookie cutters gotta go...
Post some pics.

 

77911S, That was the thought when I decided not to swap the 2.7 out. Hopefully I'll have the luck that you had with yours.

anh911, the cookies have been replaced with some fuchs. I'll post some pics once this darn snow melts!

Thanks