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MG's are great little cars and a blast to drive and if you don't mind a beater it would be a fun little weekend car. First thing I would do with an MG shell is install a 4AG/E w/ems, rewire the lights/dash and then work on the suspension.
Restoring a MG to original would be not only time consuming but will hit your wallet very hard. Go checkout the rag 'Classic Car', a british rag I used to buy, and then you will understand the uphill battle.
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