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How rusty or mechanically worn is it ;)
The first performance upgrade I recommend is replacing the heavy bumpers either end.
Check out Peter May in Worcester handy for upgrades (ok to near standard) suspension. I would also recommend a decent modern more powerful alternator, to run an electric rad fan and replace the heater matrix with a modern one to get some heat in to the cabin.
Oh and when bored read this http://sandsmuseum.com/cars/elise/thecar/engine/kingk.html and think about fitting the 1.1 carb engine as it is an easy 60bhp and lightweight engine compared to the 1500. You can get one for less than 300 or be silly and get the vvc mgf engine.
lynx
Daw
1500 stoked to have a little project