Looks like a nice little project, probably some difficult parts to find in the USA if keeping it original. If your going for a stronger engine, there's quite a lot to upgrade. Do you know if you have cable brakes??
Look forward to seeing some images...
For vintage use you don't even want to think about a modern engine. Probably the best vintage alternative would be an improved ( 5 main) 1340 or if you can sell the idea, a non crossflow 1500 (killer engine in a friend's Ginetta) or the ubiquitous 1600 Kent engine - well served by the after market, strong and reliable.
Another friend ran a Ginetta with a Cosworth 997 cc screamer (9500 rpm) but it was gutless below 6,000 and a chore to drive. Sure did sound nice though!
Many of us can't make it to Carlisle every year. 
How about a bunch of pictures to kill the sad!
I vote for the 1600 Kent too.
I'd vote Zetec with a faux BDA valve cover with a 4/5 speed and a set of weber sidedrafts.
Alternatively, Ford is selling the kent and lotus 1600 blocks again.
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