The good thing about the 1200 is that there is so many options for motors, and all these motors give you so many options for each persons different wants and needs.
For realiabilty and plenty of fun I would always choose the Aseries. All the Aseries are light motors, easy to swap, heaps of parts, cheap parts compared to new motors, reliable, plenty of power when modded etc.... there are heaps of options like turbo'ing, EFI, S/C or good hard N/A power.
The CA18det/Ca18de are a great option as well, plenty of power stock and heaps when Modded. A conversion can Cost $$$ and Modding them can cost more $$$$. But huge power results and not much cars on the road can get a Cadet 1200. To get Bang for your buck power results a stock Cadet with some driveline upgrades is proably the best option (in my opinion

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There are lots other great options like Lseries, Rota, Sr20det/de and some toyota motors etc.
I think its personal perference. There is so many motor options with different results for all diferent sistuations in our awsome 1200s from street/rally/track/drag/ to weekend hooner.
You gotta decide what you want for your 1200? power? handling, striaght line? etc
The reason I choose my Aseries/setup because i wanted decent fuel econmy, didnt want to spend $1000'sss on a motor/upgrade, good all round handling, enough power to have plenty of fun and to be able to have the realiablity to drive it everyday and direct swap with out spending $$$ on other uprgrades (diff, boxes etc).
My next motor I think will Be a L20b out to 2.4L, with all the works etc etc etc. Because i want to do something different, I also wont be a UNI BUM when i do it(different life sistuation) and because i love OLDSKOOL POWER.
MY 2cents I guess...some people mite not agree, but its my story and Im sticking with it
P.S Dont rush into something that you dont really think you want with little funds. Best to make a decsion on exactly what you want and save $$$$ to that project, even if it takes awhile.