I think a lot of it has to do with your plans on driving the thing too. Like if you want a huge amount of HP for dragging/bragging whatever then go for the big boy. But if your going to do Auto-X stuff or zipping around town I would get something that spools up really fast and had better response times. Personally I can't imagine having 350+ hp in a FWD Protege, but everyone is different. I just see you spinning the wheels in every gear and "waisting" all that power cause you can't use it.
That is how I would base my decision.