quicxsix wrote:How would you spend the money, and why?
Again, this isn't really the thread for this sort of discussion. But since we're here, without you telling us what you want from the motor and the experience, it's difficult to say. If you want to stick with an L-series, that's one thing; if you want to spend $3K and have 125+RWHP, that's another.
If that budget number is all-inclusive and you're starting with an unknown L20B, I'd suggest you won't get there from here. Even a bum-basic L-series rebuild is $1000 in parts and the labor you can't do yourself (machining). You'd need carbs, cooling, fueling upgrades, distributor work, cam, valvetrain, exhaust...
This is one main reason the KA swap is so common and beloved. It's a great engine, puts down reliable power (145 at the wheels), and even a rebuild of a KA isn't likely to cost than the L.
If you're after the L-series experience, search here for Jason Gray's engine specs pages and start sourcing parts.