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You're crossing the LH 2.2 to LH 2.4 threshold there, so the more bits of the 92 motor you can keep the better. Best thing to do is probably to swap the block from the 87 into the 92. You'd have to remove the 87 distributor and install the 92, same with the knock sensor. Otherwise, everything else on the block itself can come.
The real problem I see is the crank position sensor mounting is not going to be on the 1987 block. Hopefully it's just a matter of drilling and tapping the holes in the correct spot (a white-knuckle job, given that sensor alignment in relation to the flywheel tone ring is critical). But maybe the actual block casting is different? here's the area: 
The 1987 tranny does not have the notch for the CPS on the bellhousing. By 1988, there was a cast-in knock-out in the bellhousing, but I'm not sure if that went back to 1987 models as well. Is something wrong with the 1992 tranny?
Moving the complete 1987 motor and engine management systems into the later car would be a hell of a project. And depending on where you live and what kind of inspections the cars are subject to, could cause you endless problems with getting the car back on the road legally.
john
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1989 245 245K / 1993 945 131K
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