The 1.5 is heaps of fun, nothing like a good amount of Limiter all the time. The problem with the DOHC head besides finding one is that then you're stuck with a sort of custom motor, trying to find timing kits to suit can be a pain etc.
1.8 is a cheaper and better swap but you could also do a 2l with a 4g94, it requires a lot of mixing and matching with 4g93 parts but an awesome combo if you're going to keep it NA.
I would absolutely suggest doing brakes and suspension. (Including front strut brace and rear sway bar) first. It's not all about power if you can stop and turn at anything - I had a 1.5l automatic and my car used to keep up with heaps of people through the hills because I had awesome suspension and brakes. It makes everything more enjoyable. I'd also suggest hunting down an MR steering wheel or FTO or alike. They have three spokes and will feel more solid than that one while also keeping it nice and OEM. / you can go aftermarket if you're into that too. It's all about making the experience better IMO. Not nessecarily just power.
Especially if you're on your L's you'll enjoy so much more if you're able to stop and turn better than all your mates when you get your p's. Makes a huge difference.
If you're not too far I'm sure someone will be happy to give you a lift to the meet! (Can vouch for everyone coming being a top bloke)