looks like a solid example m8 strange thing is me m8 had a similar spec car on the same colour and he too put a 1.6 in and all the rs2000 stuff inc the wheels inc clear rear etc it looked well and went alright for what it was i'd say find a 1.6 in a scrappy some where and take the engine bay and just tell ya parents that you only live once and after you do the conversion you will have it out of ya system and you will settle down
it worked well for me as me mother bought the engine etc for me to help me out and now i fit one or two engines in me m8s cars every week

i'd say do it as you cant put a price on experience