Larry, the solution is to swap out the entire engine and trany with a modern comparable size 1.5l engine. Problem, no one has made a kit for that yet. If you look online you can buy a 1 or 2 year old 1.5l, 130 hp Honda Fit engine for less than Steve's $1,650 trany rebuild price (no insult intended).
Interesting, as I had sat there and thought for some time about this subject, a substitute engine and transmission (a bug put in my ear by Steve H about a hot Toyota motor in this case in another thread) to convert the car to.
I find this subject fascinating and one I hope someday to perform on a car.
Why didn’t I go down the path of an engine change rather than spend more than this purchase price on a transmission To end up with the same thing.
There are two simple answers to this:
Cost and time.
The cost of the motor and transmission is the tip of the iceberg in a conversion. Now the cost I can likely deal with as it would be the typical death from a thousand lashes and as long as my wife didn’t find out I will live out my natural years. The real problem with this is time. It would likely take me years to complete due to all the other things I have chosen or been chosen to take on in my life. The car was driven roughly 100 miles by me and then parked in my garage, then apart for the last 7 months which pleases my wife not a bit as she has a very nice Miata that she wants to save from the oak tree sap, branches falling etc etc. Having a full on project sitting there with constant engineering (the fascinating part) going on and a few years from now a presumably drivable car. Presumably. Go ask Odie how its going with his already mapped out conversion much less one that has not ever been done (nice work Odie, I need to come over and see it in person).
So cost and time. The newly rebuilt transmission is a cost along with the associated parts I will buy to install it and make sure it is done such that the end result is reliable. From a time perspective I can have the old transmission out and the new one back in within a day if I am motivated and it goes well. Which it won’t but either way its a pretty reasonable assumption that the car will be back on its feet and driven this summer.
So what do I end up with? The car as it was sold, which is a car I have always liked and enjoyed. On my X’s the engines are free and rev to redline with ease. When they cross over 5k they develop this satisfying WoooHaaammmmp as the revs rise to redline. It happens right behind my head, I can feel it and hear it and I smile a bit every time it happens. It may not be fast to the viewer from outside but man its just music every time I run through the gears and I love it.
I made the right choice for me, for now.