Didn't the formula ford cars run 1.6 zetecs? I'm sure I saw on 5th gear once they had a challange where they swapped a 1.6 zetec from a focus or something into a formula ford in a compertition against some colleges (probably a clip on youtube somewhere), thay had to change some of the components to formula ford spec, I think they changed the inlet, ECU, and the sump to a dry sump, maybe yopu could try and track down some of the parts and fit them to yours if you want to keep the standard lump in
Mate doing all of that would cost more than the car is worth and prob make it a nightmare to insure. As above save up till you can buy something quicker out of the box, then mod that.
