If you can get an S14 it's probably cheaper straight up...
the major differences are: bore and stroke, individual throttle bodies, flywheel, and probably the cams.
If you factor in the cost of buying, and then rebuilding an S14, vs. an aggressive rebuild on an M42, the costs get a little closer.
I would try to find an E30 M3 in your area and see if you can take it for a spin.