Welcome to CHR. Sounds like a good plan to me. Even though it may not really be considered a hot rod it really doesn't matter, if you wan't to call it a hot rod then that's cool. On Rides they have Chip Foose fixing that Cadilac XLR (sp?) up and he was saying something like if you have fun building it then just do it, it doesn't matter what car you have, etc. MG's are sweet cars anyways, my neighbor has one and even though they don't have much power or nothing, they look cool and all.