Lanng - I think you may be right. Although tempting I don't believe that the Bagheera chassis was ever capable of handling radical power upgrades - certainly not now that most have been compromised with rust and RHD conversions. I've been accused of being a "purist" before today - but I think classic cars deserve to have their maker's engines. The power upgrades on my car have been designed to be worthwhile - without splitting the car in 1/2 or leaving the gearbox on the road.
Don't forget that when you do any modification to cars you will move towards the next weakest link in the chain. Clutches are only rated to work with certain engine power, gearboxes are only rated to handle the torque that a particular clutch can transmit, driveshafts and CV joints are designed to deliver only as much torque to the wheels as a gearbox can handle etc etc etc. Upgrade one part and you push the reliability problem down the chain a bit further!
Of course we all know this - yet we insist on pushing the envelope. Aint it fun!
For my money I want a bagheera to be a bagheera. So I go with Anders' advice of doing "normal" upgrades. This is much more likely to be a successful route. I disagree though with him on EFI. I am a MASSIVE fan of EFI (my Bagheera is getting a Haltech system as we speak). While sometimes the top end numbers do not look significantly better on an EFI system over a well set-up, maintained and tuned carby system the difference in the off-idle and midrange is spectacular. Given that 99% of road driving is done in the midrange its a VERY worthwhile improvement (and actually not bad value when comparing to other performance tuning). EFI is also more efficient which means it uses less fuel AND the tailpipe emissions are MUCH cleaner. This will impress your annual roadworthy inspector. The cold starting improvement is also welcome on those miserable mornings! Its not going to be a particularly fast build - but if people are interested in "how to EFI a Bagheera" I'll start a thread.
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