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One option is a modified MGB. There are several kits that make it easy to install a Rover V8 (the UK SBF/SBC) or a 60° GM V6 out of a 90s Camaro. They don't have the grunt of a modern 302, but you're talking costs on the order of $20-30k, not $50k+. There are coilover setups for sale that bolt right in.
Get yourself a '67 with wire wheels and you have a gorgeous, fast Miata that can keep company with a Ferrari 250 in a parking lot.
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