If I were to do a na build I would:
get a vvt engine
get bigger pistons with higher compression
punch it out
light flywheel
better clutch
balance everything between/including the pulley and clutch
tune it
enjoy

On the other hand the money into that would get you to/above 200whp on the 1.6 with boost.

 

To get anything worthwile from an N/A motor, you really need to invest in cylinder head and camshaft in addition to your list.

 

True, but that could be done later if he is not satisfied with what he could squeeze out of the vvt setup.

If that was the case I am sure he would do head work, cams, and a different intake manifold/irtb.