Your first milestone would be to migrate the code not to OS4, but to gcc. SASC is a great C compiler for Amiga but provides a lot of non-standard functionality, some of which you may need to reimplement. Once you can get the original 68K application code to build properly (and give a working executable) in gcc, then you can look into porting it to OS4.
For the second step, you can opt to keep the code as 3.x compatible as possible, or you can make it more OS4 coding standards compatible. The major difference between the two is mostly down to the way OS library functions are invoked (eg IExec->AllocVec(...) as opposed to AllocVec(...)) and the preferred names for elemental types (int32 as opposed to LONG).