Accident waiting to happen then, pre MoT.!!

You're tearing about in what is effecively an uninsured 2.0l conversion with no rear brakes and dodgy wheel bearings.

Nice to know you'd have a consience if you hit someone or something.

I'm not against the mods on your car, but you should bite the bullet and pay the resulting modified insurance, or not do it until you can afford it.