Al,
If that 4.6 has chosen you, and it sounds like it might well have done, just GO FOR IT!!
Whatever you end up with,
it.
I've had two Morgans that had done little mileage in the years before I bought them (both Ford powered, but rather different generations) I've not had major problems. Water pump failure on little used engines is not uncommon once you start to pile on the miles. My X-flow did that and I had a similar problem with a Range Rover 3.5. The present car needed replacement rear brake cylinders. None of this is insurmountable, and perhaps could be considered recomissioning...
Cheers,
