Morgan probably do have a pile of old HD type compensators as I remember getting some core value back on my dead one when I had the Centa conversion done about 5 years ago. I know you have been very meticulous with the greasing of the HD compensator and it has lasted a remarkably long time but they generally don't last many miles, you may have been lucky. In addition to that they are not very good to drive with the HD compensator fitted, from memory, very clunky.
If you did go for Phil Bleazeys mods you will need to add the cost of a Centa unit to the price as you will require one to modify. Rob Pike seems happy with his KH BMW M4 Doughnut conversion when I spoke to him at Cadwell Park a few weeks ago and I assume that you don't require any of the Centa parts for that conversion. Not sure if Krazy Horse are doing the conversions at the moment though, that may rule out that option? If you are happy with the HD compensator clunking then Nippymogs idea, or your option 1, has a lot going for it and lockwire the big nut. It would certainly be the cheapest option.
