So I have the car. It needs some work on fit and finish, but the mechanicals are better than I had feared. We worked on the brakes and got some pedal back. Did a test drive and the shifter was atrocious (almost as bad as my worn out 914 tail shifter, almost!) We tightened and adjusted as best we could based on appearance and things were much better.
Took it out with brakes and shifting and I think I can live with the 4 cylinder for now. I will not be winning any races, but it is still fun to drive since the weight is so low.
Main concerns now are sorting out a bit an odd electrical web so we don't have multiple fuse panels dangling down on the driver's footwell.
Tach, clock and oil pressure gauges are DOA. Water temp and fuel seem to have a wonky ground (cut in and out).
Occasionally the starter relay refuses to engage, but the car starts robustly when it does. All seem to point to an electrical system that needs TLC.
Everyone is blown away by the new toy and I am having great fun getting to know its ins and outs. Still learning how to get in an out as well. It is possible as bad as my Elise was. I hope to develop a similarly useful strategy for ingress.