Used to own an MGB (pic attached)
It was a love hate relationship. I could never trust that it would get me from point A to B (she never did let me down it was just a trust thing)....but then I did not have the funds to keep it well maintained.
I have to say, I have a huge soft spot for TR4s. I think it is the most beautiful british car of that group (MGB/Spit/TR6, etc.)
I would say.....go for it!