To my mind, it all depends on how happy you are with spanners in your hand. If you enjoy working on cars, tuning and developing them, then the older stuff is loads better - mainly because there are many fewer restrictions as to what you can do.
If, on the other hand you prefer not to get your hands grubby then a newer car is going to be much more sensible especially from a financial point of view.
I would also agree with Tim's comments above. The other thing is, there seems to be quite a few electrical gremlins with the newer Morgans, the older ones are much more easy to maintain in that respect especially if you go for simple electronic ignition system.
