Just to add to this, if the engine is on 122000 do the basics before anything like ECU mods, i.e. Replace main & big end bearings, piston rings, etc. Clean up & relap the valves. Look at a mild tune cam (which should not require ECU mods). Also check & replace the hydraulic lifters, although this depends on condition. You will probably also need rocker shims depending on the camshaft. After all that make damn sure the water pump & radiator are in good condition & replace if there's any doubt.

You may be quite surprised how much more get up & go it has.

Then depending on what camshaft you chose, remapping the ECU might (big might) be worth doing, but it really depends what type of driver you are.

[EDIT] As an example when I bought my blue 1998 P38 4.0 GEMS 125k miles as a project it was running badly, although it started reliably. Somewhat slow compared to my Green 4.6 GEMS. After rebuilding the 4.0 engine with all standard parts, it's now significantly quicker than the 4.6 with no need for tuning !!
Both radiators air con and coolant got replaced under my ownership so there brand new.

Shimming the rockers is something I am trying to wrap my head around , I don't understand how you check the hydraulic lifter clearance or how big of a shim to add.
 

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