If that engine is running well right now, don't touch it!! I have a 1980 TR7 which I often use as a daily driver. It's funny; when these cars were first on the scene they were condemned as the worst thing ever to come from England with wheels. The American public is both impatient and unforgiving. By about '77 the cars were TONS better, and the '79s and '80s are fine little cars. I now have 110,000 miles on mine, and it's yet to burn a drop of oil or run even remotely hot. On top of that, it's the most comfortable sports car I have EVER sat in. The heat works great. The wipers do a fine job. There is no leaking into the interior. The top is easy to operate. It goes on and on. ALL the things Americans complained about in Brit sports cars were finally solved, in spades, with this machine. It figures that nobody would then buy it. Sometimes I wonder just what the sports car buying public really wanted.
I have, in the dozen years I have had this car, replaced the water pump, (expensive) the fuel pump, (cheap) three of the electrical switches, and the top. I also installed a set of three inch deep K&N air cleaners, and that made a NOTICABLE difference. The car is nothing special to look upon, but it is one of the most reliable machines I've ever owned, and it's great fun to drive. Say what you will, the TR-7 is the best handling (by the numbers as well as subjective opinion) thing ever produced by either Triumph or MG, and I'm an MG type of guy. Now, the fact is, Leyland was just one big jumble by the time the TR-7 was hatched. It could just as easily have been an MG. I have seen the pictures of the proposal. Thank God they chose the way they did!
Do absolutely as you like colorwise, and I'd advise replacing the carpet. It just gives you a better feeling when you are driving a car with a nice interior. That's more important to me than a fresh paint job.
Motorbill
From Lola to Land Rover, If it's British and has wheels, it's likely I've bloodied me knuckles thereupon