Pick up a japanese clip (cold and wet) from 240SX turbo 205 HP stock (SR20DET) or a little more depending on year - up your boost and you get more very easily. Set you back about $3,500 to $4,000 depending on the miles. Inline turbo four will come with everything - radiator, shroud, a/c, p/s, engine, transmission, computer, full wiring harness, even steering for right hand drive which is pretty cool if the MG is right hand. Alot of the sellers send you the rear end and the drive shaft as well (IRS).
You could build a really neat little MG like that.
On the other hand, an aluminum LS is only about 50 pounds heavier than that engine but with adapters, transmission, etc., you will probably be into this for more money than the SR20DET swap.
I'm also a rotary fan. You have big cooling needs with a rotary (don't even try to use the stock MG radiator) and it will need an oil cooler but the mazda cooler rocks the house. An RX-7 donor car would make a sweet MG swap.
**warning - i've put a SBC in a jaguar, a 13B rotary in a Fiat x1/9, and a 911 six in a 550 spyder so I'm clearly prone to doing stupid things**
angela