To my mind the mid range torque is more important than maximum power. Every so often I take the engine up to near maximum revs but in the real world it is torque that counts for acceleration in overtaking, pulling out of corners, and so on.
For me I thought the 3.7 V6 was a bit much in a trad and in terms of additional costs of ownership (tax, insurance etc) I decided it was not for me. I somehow feel that around 200 hp is ideal for a trad Morgan and I would be very tempted to a slightly tweeked Duratec 2.5.
It will be interesting to see what it is that Morgan has planned for the future. The signs are that they have no intention of dropping the trad range but, on the contrary, are continuing development. I wonder if they are considering a turbo charged engine, Ford seem to be moving very much in that direction and are offering turbo charged engines on all their small cars. The main advantages would be light weight and loads of mid-range torque.