Extremely. Even on a stock case. With 7:1 compression boost is a great option on a stock Dual Port Motor. Build an intake manifold to mount a Blow through 600 Holley, T-25 turbo or an equivelent and you're looking at 225ish.
Get a stock case, 69mm crank, 104mm Jugs, 9.5:1, cam with around 288 Adv duration, .46ish lift. It'll run all day screaming it's gut out all day.
I'd love to slam this thing, and tweak it a bit, but I'm under orders to keep it stricly stock. Blah.
http://i523.photobucket.com/albums/w351/Pats16Valve/Beetle/006.jpg
http://i523.photobucket.com/albums/w351/Pats16Valve/Beetle/003.jpg