I have a 1966 MGB sitting in my parents garage right now. It is, by default, moving onto long-term project status.
The engine that was in it was poorly built, using a poorly chosen combination of components. That's be taken care of in that I got tired of it's problems and tore it down.
Once I pulled the engine, I stripped the car to pretty much a rolling chassis, because it needs one of everything. As soon as the tear-down was completed, the Miata decided it needed a massive amount of attention.
The Miata is now as far as being drivable, and I've come back to the MG. I'm no longer sure what to do with it though. I was going to build a decently hot (Oh wow, 140hp!) B series with a professionally worked over head, Weber DCOE, cam etc. Truth be told, Austin engines are lame, I hate carbs, I hate distributors, I hate notchy old transmissions, I hate reverse-flow heads, and this car is already very, very much molested.
I'm debating whether it will be more rewarding to go to distributorless ignition and EFI on a worked over B-series or to put a more modern engine in the damn thing and actually have some power. The former had been done, and is documented. The later, not so much the way I'm envisioning it.
I have sick thoughts of doing this:
to my MG. Since I'm basically starting over from a shell, why shouldn't I? I want to go fast. It's not a race car, so I'm not restricted by any kind of rules, and it's more or less impossible to make very much power with the hardware Abingdon supplied.