The most I have seen from an early R1 is a bit short of 180bhp, although that had a fair bit of work done.
If you were prepared to spend a few quid, you would have a bike that very few would get past!
It really depends on what you want,. If you need something shiny, buy the new one, if you want to surprise a few guys & have something different, do find a really nice older bike & do some work to it.
Brian