The good thing about this one is that it already registered so there is no need for an IVA test. Once it has been rebuilt, it should just need an MOT and then it's ready to go.
Obviously there is a lot of work to be done as it has been sat outside, uncovered for 10 years but if it is not too far gone, what an exciting father & son type project this would be - if I had either, maybe I would be jumping at the chance
How old are you Stuart? I am available to fill either role on the basis that you bring the experience and I am the padawan.
I grew up near Mallory Park and I regret that I spent none of my youth tinkering with cars or bikes. Both this and the Maserati kit you highlighted recently both look like wonderful projects. Build for yourself and not worry about the purists.
As you say the fact it is already registered means it is a re-commissioning and not an IVA-battle. I considered a Q-plate GT40 in the late 90s at £13.5k. It had a V6 engine, UN1 gearbox and the Q-plate stigma at that time all led me to feel it was not worth it. Q-plates are so rare these days that I look at this and think why not.
Even if that Lancia 4 banger is too far gone, a great opportunity to swap out for a V6.
At £10k it looks a relative bargain, if it reached £20k+ it loos less so. I wonder what it will fetch.