well, my car was in pretty bad shape, all the electronics were obviously questionable. most of the british cars were lucas electronics, positive ground systems, VERY BAD. the paint was good, covering a LOT of bondo. the interior was shot, nothing salvagable.
the engine was strong, started up everytime I wanted to, and this car had been in garages not being taken car of for years. all the emissions was removed from the car, meaning I had to invest tons of money to even get the car registered, which is why you want a 74 or earlier year.
i would not use my experience with MG's to base any of your purchasing decisions !! my car was crap due to neglect.
everyone makes replacement parts for the MG's, so keeping your car running will not be a problem.
if you like to tinker with cars, a british car is the way to go !!!
1994 325iC, 130k miles