I guess it depends on where you park the Plus 4 and at what time of year. Personally, if you are often touring, or staying away overnight, in the Plus 4 I think the answer is yes. For recommendation my money is on John Taylor,
www.morganhoods.com. Usually an advert in the back of Miscellany.
One benefit is to protect the hood itself from the rain, when parked the heavy rain can work its way in via the area around the sidescreens, also protects from bird droppings, sap, etc. The section over the bonnet will prevent the rain from getting in via the louvers. The spark plug recesses in the zetec and duratec engines tend to fill with rain water which corrodes the spark plugs. If you are adventurous and travel in certain climes you may experience hail stones which can seriously damage a Morgan bonnet (don't ask me how I know). And lastly they do provide a bit of security, hiding contents from prying eyes.