I've not voted but my opinion is that any Lotus is well worth saving.
Apparently it's got a good Chassis & the rest of the drive train is still there.
Why not check the Zetec out, it could be good.
The bits you'll need to do the rest of job could be a lot cheaper than buying a Twincam.
The "Spyder Conversion" way of fitting Sierra Parts all the way through is IMHO not necessary in a Road Car & such Cars are not eligible for most forms of Competition.
OK all of those bits are presently more available than the older Ford bits but if it 'aint broke why fix it?
Whatever you do to get the Car right the Paintwork will take up the Lions share of the Budget; something which should put the job into perspective.

I'd like to see a differentiation between "Zetec Conversion" & "Spyder Conversion"; pure terminology maybe & me being pedantic


Cheers
John