the VVT is nothing more than a valve timing (like VTEC, hence its name). it helpful for good gas mileage at cruising speeds, and advances when the throttle is wide open, giving a better acceleration response. running without it, well, you will obviously lose out on the one of those benefits (well at least from an educated standing, im not too familiar with S14 SRs).
if you don't know already, what makes the S14 SR differ from that found on JDM S13s, is the head designs. The S13 SR has a higher air-flowing head, but is coupled with the smaller S13 T25 turbo. The S14/15 SRs have the bigger T28 turbo and VVT, but will hardly see the same air flow of an S13's head.
well if you plan on going S14 SR, consider that the VVT will become obsolete after seeing 300-350 HP. there are other aftermarket companies that ive seen on Takakaira.co.jp that make the VVT cams if you plan on seeing the light past that much power. not too sure about the valvetrain parts question, so check out
http://www.takakaira.co.jp for a large catalog of parts.
other than that, that is as much as i could tell you based on my experience swapping and rebuilding some SRs. good motor in any chassis, but consider that VVT will be obsolete at higher power levels, and that a slightly bigger turbo on the S13 SR can certainly match up or surpass the output of an S14/15 SR.
what are your reasons for choosing the S14?