Looks like you will need to lose the air duct and considerable foot well space on both sides to get it behind the rack and under the bonnet. All due to the rack location. The steering arm flip and lowered rack are looking better.
It is possible to build a U-shaped rack adapter with offset ends based on a traditional rack with no modification or welding on the rack or bending load on the rack from the cantilever. This would keep the inner balls in the original location while lowering the rack as needed. The critical part is clearance to the engine at full lock and keeping the linear bush for the adapter clean with a gaiter/boot.
If you are determined to have a v8 that will clear the bonnet and stock rack location, consider something more compact like the ls4 (smaller bell, shorter accessory), rover/buick, or sbc. I’d like to see a LA 340 mopar or magnum but they are a little bigger and longer than everything else. Not sure about the late model 5.7l hemi engine. The buick 3.8 rwd (grand national type) and 3800 fwd type are both based on the rover/buick v8 and would be an easier fit.
This fellow could have fit the 4.3l vortec without the extra butchery.
https://barnfinds.com/parts-or-project-1974-mgb-v6/
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Miata UBJ: ES-2074R('70s maz pickup)
Ford IFS
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360LA 442E: 134.5x46x15
Lotus7:115x39x7.25
Tiger Avon:114x40x13.3-12.6
Champion/Book:114x42x11
Gibbs/Haynes:122x42x14
VoDou:113x44x14
McSorley 442:122x46x14
Collins 241:127x46x12