Can I do a 16V head conversion on a 2.3 L 114 hp (85 kW) I4 (B230F red block) from a 2.3 L 153 hp (114 kW) I4 (B234F red block), and if so, this should give me a little more get up and what is needed for this.

Sure...rather than me peck away at the pros and cons, head over to turbobricks.com and search. All the cool kids are doing it! Frankly, swapping in a used turbo motor is more appealing for me. Also, cheaper.