With regards to the 914 braking system, I gave mine a fresh set of discs, new pads (can't remember which ones, certainly not fancy ebc or anything), rebuilt rear calipers, new brake lines and a very properly bled system, I mean you really do have to bleed, bleed and bleed them again, and I found my 914 brakes very good, and never felt the need for an upgrade. I think if i had rebuilt the front calipers as well they would be even better. Worth a try as you've already got a new pair of front discs

then what are you in for a few hundred quid tops? Ultimately I agree with Adam and David, the 911 setup is better but unless you buy a very good front end it could cost you double to refurb it (which you may as well do if it's out). Just my tuppence worth. If your front end is in good shape (i.e bushings/shocks) then I'd stay with the stock stuff until you get more competitive, then maybe think about a 911 setup.
btw I have EBC greenstuff on the front of my Targa, does seem like they take a few presses on the pedal to warm, but overall I'm happy with them.