Howdy Dave!
Welcome to the forum! I'm looking forward to seeing your progress. Keep us posted, and don't forget the pictures.
I owned and raced and MGB for a couple of decades. Love those cars. An MGB would make an interesting donor, and the technology would be "period correct" for a Se7en. How-some-ever-ly, those front uprights with the trunnions and the lever arm shocks are maybe a little bit TOO much in the period correct department. If you can source some other uprights and go to coilovers, you'll be way happier than trying to make the lever arms and such work for you.
The B motor is kind of tall, but it can work, see Nick47's build log. One thing I can say about the MGB is that the transmission was damned tough, it should last forever in a lightweight Se7en. The tube-type axle is a bit heavy, like has been said. Banjo type might save you a few pounds/kilograms.
Good luck with it, and keep us updated!
JD
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JD, father of
Quinn, Son of a...
Build LogQuinn the Slotus:Ford 302 Powered, Mallock-Inspired, Tube Frame, Hillclimb Special "Gonzo and friends: Last night must have been quite a night. Camelot moments, mechanical marvels, Rustoleum launches, flying squirrels, fru-fru tea cuppers, V8 envy, Ensure catch cans -- and it wasn't even a full moon." -- SeattleTom