Nothing old or especially sensible about a Mk2 GTI. They are fabulous cars. I had an 8v and three 16vs, one of which was a US car with the two litre Motronic lump from the Passat.
The standard 1.8 16v is clearly the one to have. Needs revving compared to the 8v but that's no hardship as the engine sings cleanly for a 4-banger and should be eager to rev if it's a good one.
Any Mk2 will benefit from having a suspension overhaul with good quality aftermarket shocks/springs to reduce bodyroll, but they handle very keenly indeed.