I think it is a fun drag racing conversion one can do on an all beat up rusty mid 70s car. If you only go drag racing, overheating isn't a problem an you will have superb traction with all that weight! Now, if you want to go autocross, that's another issue. The center of gravity on that V8 is about 2 feet of the ground and the engine is twice as heavy as the flat six to boot. Unfortunately folks doing the conversion want more than a drag racecar. They think they are smart, avoiding a costly flat six rebuild.
I think it says MOROSO on the valve covers.
I have seen one of these conversions in town, a 74 targa with a pretty rough body. It was for sale for 6500. I thought that was an okay asking price for such an animal. I looked at it closely, also under the lid. It was fairly well done. Was odd to have a V8 lopey cam rumble in there. Guy took off at WOT, and you could see the poor thing having a hard time keeping the front wheels on the ground.
It's this person's car, so he can do whatever he wants with it. The Porsche police can't get him. But he will be dissapointed finding out that nobody will pay anywhere close to his asking price for the frankenstein.
George