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That MGB looks great, but is about as far from original as it is possible to get. I have had several and in standard trim they look great but are very slow, don't go round corners and don't stop, don't get me started on the lights.... £5k would get a very good 3.0i Z4, it's what I paid for mine, a very different level of performance!
Great minds think alike. An e28 would be my first choice but e30 would mean more space around the car to work and move. Avoiding a rotten one is definitely sound advice but will be getting a welder eventually so hopefully helps.
@ricky2slicky neither MR2 nor Boxter get me excited personally, 944 maybe, but again I think they're probably out of my price range. No love for the MGB?