a lot of fools would.
swap the block, keep the head!

...you can probably get a 1.6 for a little money... swap it and keep most everything else... your 1.4 head might give you higher compression, too... don't know if your ECU would like it, though.
most anything you could do to a 1.6 would work on a 1.4... just remember to estimate for the smaller size with your exhaust pipe...
turbo IS possible... but not very much of it... not much is known about the limits of the 1.4 block (it is smaller inside and outside than the 1.6, but the head is the same, so should take whatever a 1.6 can)... good luck.