I've never owned any of the LBCs (Little British Cars), but the MGBs are classics for good reason. What kind of carbs are on there now? I know in the Jag world, SUs (or Webers for those feeling adventurous0 are considered the way to go. While an MGB will never be a powerhouse, there are plenty of hop-up parts for them and racing them was (maybe still is) popular. Electrical, yeah, it's simple but isn't going to work well. Depending on the ultimate goal I'd be inclined to buy a Painless harness and simply redo it. Or redo it from scratch like I'm doing with the Cobra.