(June 2006) I decided the stock engine is not going to be sufficient, but I don't want to get carried away with a V8. By way of explanation, my last car was a 69 Chevelle with a fuel injected, supercharged 454 big block putting out 650+ HP. This started as a "mild" big block project that just seemed to acquire a life of it's own. It was a hoot to drive, but only got 6 miles per gallon if I kept my foot out of it. For this project, I'd like a lot more power than the stock motor, but still want decent gas mileage. I selected the SR20DET motor with automatic transmission. It's a 2.0 liter motor, so it's technically almost the same size motor as the stock motor, which is 1.8 liter. It's all aluminum, so it shouldn't present any major weight increas or balance change from stock. The automatic trans is a concession to my wife, who wants to drive it also. The MGB rear end ratio of 3.909 is very similar to the 3.916 ratio that was in the car the engine came out of, so the shift points and acceleration characteristics should be very similar to the donor car. The planned modifications to the motor are:
-upgraded GT28RS turbo on custom log exhaust manifold
-Greddy intake with 550cc injectors
-front mounted intercooler
-N60 MAF (80 mm) and Greddy turbo pipe
-3" exhaust
-Tuned ECU
The parts are all in hand, and the resulting motor should put out 300HP to the ground.
Here are some pictures of the SR20DET motor and transmission compared to the removed MGB motor and transmission.

(June 2006) After removing EVERYTHING, I had the body media blasted. This uncovered some more previously patched damage, but the body is still fairly clean. The front and rear suspension were still attached to move it around, but those were removed for rebuild after I got it back from the blaster.

(Feb 2006)Here's my 72 MGB, as it looked when I got it home. Paid $1800. It's a complete car, with tired stock engine and overdrive transmission. My wife and I actually drove it home from Colorado Springs (120 miles) in the rain. The interior is custom: 70's era diamond tuck two tone upholstry. The electronics are about what is expected- some things worked (wipers), some things didn't (tail lights). The body looked pretty solid, the usual rust behind the front wheels and in front of the rear wheels. The previous owner had problems with depth perception however, since every lower surface around the car was hit. The floors and trunk are solid, the hood, doors and trunk lid are straight, and it has a new top. This will be a nice shell to start with. I don't plan on using any of the original drivetrain as well as a lot of other parts, so these will be sold to help fund the project.