If your Protege is an LX then you're golden. They're very capable cars. They're lightweight and the motors are bulletproof, high revving beasts. My dad has one and I love that car to death. I've always wanted one of my own.
It's not always about huge power, unless you're drag racing.. O_O Like I said, the Gen 1 protege is a very capable car for what it is.
If you have a single cam engine, there's still things you can do, but nowhere near the possibilities. Yes these cars are 4wd capable.... if you can find the parts. (ughdance) Or a 323 GTX to hack up. But don't get caught up in that kind of project anytime soon.
Post up some pics and help us help you! Welcome to the forums!