Thirded the high octane fuel, IIRC the S2 has 2 knock sensors, so if it detects knock it reins in the engine a fair amount. I'm taking mine to be remapped by Chip Wizards when the engine is run in, simply to see how much it does now make, as pre-rebuild it made about 180bhp IIRC.
I wouldn't mess with the intake much either, its designed in a certain way for performance so messing with it has a tendancy to reduce power. I'm pretty sure I remember someone messed with the exhaust manifold and lost about 5bhp!
I don't think a MAF is really worth any bhp, but it makes the engine much happier to rev and more responsive - I have Big Dave's fitted on mine for 2 years or so.
As Paul said, a 4 wheel alignment will be needed, mine was out on one side by a fair way, I also replaced the castor mounts so it needed it anyway... next on the list is Gaz coilovers..... [
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] Then maybe an exhaust system, my dads '83 924 sounds so "angry", even at idle. I want that sound [
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]
Kev at EMC said you can get about 240bhp (I think) from a good S2 - by having it mapped to run rich as hell though