This news clipping (from Britain's "Autosport" magazine)  is something I came across in continuing research of current and international events related to the racing of V8-converted British sports cars.

At least seventeen different MGB V8 road-racers competed in England in 2008. There are also enthusiastic MGB V8 racers in Australia and New Zealand.  In 2008, the number of competing North American road-racing MGB V8's was probably just three... but 2009 will be better! (I know of 5 GT-V8's planning to compete in the SVRA-sanctioned "Gold Cup" race that's immediately before our annual meet at nearby VIR. (You're planning to be there, right?) Two additional MGB-V8 racers would compete there if their engines were ready...

So I think it's fair to say that this niche is healthy and growing... and then when you consider the Triumphs and Morgans and... It's so exciting!!!

ive actually seen them race and got a video of them at brands hatch with a great crash. these cars are running over 400BHP and can out pace pretty much anything that isnt a single seater race car. they have 4.0 rover v8 engines with quad downdraught weber carbs, and sound amazing!!!
http://www.youtube.com/watch?v=8lE2pBatneQ