This is just done so right. The flares, the color, the wheels, the black grill, the bumper delete, the rally lights.

The unfortunate part is there's not a lot of pr0n of it. I can only find a few low res pictures. It's taken me a solid 2 hours of googlating to assemble all this, and a lot of what I found was buried in ancient threads on french forums for reasons I don't fully (read: don't at all) understand. Seriously, I had to resize these to get them to the 640px width minimum.

I did find a write up from the May 2008 issue of British V8 magazine, reproduced in full below:

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Owner: Darren Jones

City: Blackburn, Lancashire, UK

Model: 1979 MGB-GT

Engine: Rover 3.5L V8

Conversion by: Darren Jones and Robin Brown

Engine: Rover 3500cc V8. First unit was a second hand one putting out barely 140bhp. This has been replaced with a reconditioned block and reground crank, with everything else new, giving about 200bhp. Piper 270/110 cam. Electronic ignition.
Induction: Currently Weber 500, but soon to be replaced with 14CUX Hot Wire EFi.
Cooling: new MGB V8 radiator, with twin electric fans as per the factory V8 model.
Exhaust: big-bore system, with RV8-style through-the-wing headers.

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Transmission:
Rover LT77 5-speed (from a Rover SD1).
Rear Axle: Salisbury, with 3.07:1 gear ratio.
Front Susp.: standard, except Spax adjustable shock absorbers and polyurethane bushings.
Rear Susp.: standard, except Spax adjustable shock absorbers, plus the anti-sway bar has been cut and modified to function as anti-tramp bars. The main leafs of the leaf springs have been flipped upside down to provide a lowered stance. Polyurethane bushings.
Brakes: EBC grooved and dimpled front rotors and Green Stuff pads. Stock rear brakes.
Wheels/Tires: 15x8 Minilites, 225/50-VR15 Toyo Proxes T1-R tires.
Body: Sebring-style fiberglass fender flares and valances. (Instead of simply cutting out the original wheel arches from the steel quarterpanels, the steel arches were flared underneath the new fiberglass panels to retain structural integrity. Frenched license plate. MG "Trophy Blue" paint.
Interior: 1 GHz Mini-ITX computer with 7" touchscreen monitor mounted in the console in front of the shifter. The computer provides satellite navigation, MP3 audio, and DVD video. "Classic Vinyl" bucket seats with blue piping. Securon four-point safety harnesses. Mountney steering wheel. The rear seat has been removed, and the space converted to house the PC and stereo amplifier, with a parcel shelf above. (The car is now strictly a two-seater, "as it should have been.") Sony stereo with Pioneer speakers.
Performance: not yet fully tested, but the car did reach 120mph at the Nurburgring during a holiday trip last August.
Completed: summer 2005. (Driven approximately 5000 miles as of March 2008.)
Comments: This is my interpretation of a British Hot Rod, she is everything I hoped for, a bespoke sports car which handles incredibly well. Due to its low ride, sticky tires and wide track, it gives a great grip and breaks away progressively in cornering or quickly if you want to, when having fun. Lapped the Nurburgring first time out in about 11 minutes, but I was so scared of going off so the time was fine. Some MG enthusiasts are not too impressed with the non-standard modifications, but I'm proud to say I salvaged a 4-pot rubber bumper GT that was destined for the crusher and gave it new life. That's the best kind of recycling! Next modifications will be the electronic fuel injection, primarily for smoother running and fuel economy. I'd like to hook up the engine management of the Rover 14CUX engine management system to my PC to achieve real-time data access. If I can get it chipped, I'd like to be able to switch fuel maps, depending upon circumstances. I've sourced an MG RV8 bonnet, which will allow the Rover plenum to be used without modification. Uprated brakes are also planned because the current ones fade during track days.

I use this car in all weather conditions. The chassis is waxoyled every two years, and my local vehicle tester says it's in better condition than other more recent cars. It has a couple of paint chips, and a war wound from when I caught the exhaust on a ramp which pulled it out and damaged the valance. That gives it character now.

Two final things, if you look down on that front arch, its pure AC Cobra - real 60's muscle car! If MG had had the wherewithal to make this model, I feel sure it would have closed out the model on a high.

Mmmmmm, XP. Pretty clean install actually, and way ahead of it's time for 2005. Plus, look at the rest of the interior...

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One hundred billion internet points to whoever can find a build thread. I doubt it exists, apparently the car was completed by '05, but a guy can dream.

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Someday I will have you, my sweet British Leyland prince.