The 103 is a good running motor. With a good set of ported heads, stage I air and exhaust, and a good tune, it will probably feel just fine. I've always thought that the 06 and newer heads work well enough, that spending a bunch of money on heads doesn't make sense if you don't also add performance cams. On the other hand, I know a couple of engine builders who say, if they had to choose between cams or proper heads, they'd choose the heads.
The cranks in the TC motors are generally good for 115-120 ft/lbs or so. Much more than that can increase the risk of twisting the crankpin inside the flywheel or possibly grenading the crank bearings. The new cranks are crap, there's no doubt about it. The last of the decent bottom ends was in 02.
As far as a built up 103, it's generally a reasonably safe proposition, especially if you ride responsibly. Don't lug your motor, don't rev it hard to redline, then chop the throttle. If you build a big torque motor, it's especially important not to lug it. The advice not to twist the throttle hard below 2500 in higher gears is very good advice, especially with big torque motors.
Bottom line is, if you go to 103, port the heads, but don't put in cams, you'll net a good running motor, but you're cheating yourself a bit. Set your compression at