First of all, the 3.1 does respond well to a cam, and if you go to the work to get the block into the car, in the future, you can look into doing the hybrid thing with 3100/3400 heads and intake.
The 3.1/3100 will be more rev happy than the 3400 if it is done right. I know this because the 3100 in my Cutlass Supreme would rev to 7000 RPM, but it was a built motor with high compression, hot cam, etc.
With the 3.1 MPFI, you CAN use the distributor if you swap the intakes around. I am talking to a friend in PM who has a 3.1 MPFI for his Fiero, and the 3.1 had the intake flipped around for the distributor. He was needing pics of my 3.1 MPFI so he can swap it back (he is going to run DIS in his Fiero).
I don't know why I like the 3.1 MPFI so much. I know there is more powerful alternatives out there, but for some reason, I have always had a soft spot (or a hard one for that matter) for the 3.1 MPFI and 2.8 MPFI (gen 2 2.

The 3.1 MPFI is a good engine, and in a car as light as the Fiero, it will have decent pull. It is also capable of extremly high gas milege if it is done up right with a custom chip. They are extremly reliable, easy to work on, and parts are cheap.
If you are getting the engine for REALLY CHEAP, or FREE, then I say you have nothing to lose. There will be some issues to work out, but that is part of the challenge that makes these cars fun to drive once you get it all worked out.
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