I was looking at the Colts, I really like them but the dash and plastics are grim however if you can put up with an MR2's interior you should be happy with the Colt's, they are rare so no unwanted attention, the five door is even rarer and looks better than the 3 door, they seem quite well priced for their age too
I've never seen a 2ZZ MR2, bet they are fun
Disagree with that, the Mk3 Mr2 has a very basic interior but with reasonable plastics. The colt has an interior that is ok style wise but uses absolutely horrible material - I honestly wouldn't usually care, but it really is exceptionally bad.
The 2zz conversions come up every now and then, I had a ride in one but it was poorly so didn't really get a feel for how it would be when completed. They don't really command much of a premium as there's a pretty small list of people who want them - but 190bhp in something that weighs circa 1.1t, can chuck the roof down and offers mid engined handling isn't to be sniffed at for the money.
Of course you need to forgo any real hint of practicality, I managed day to day with the covers removed from the rear storage area and by using what little space there was under the bonnet but it's not a car to have as an "only car" imo.
Insurance is usually a non issue - typically they'll look at what the engine has come out of and make a judgement from there
I'd probably have a nice (if they still exist) mk2 beams engined car over one any day if it wasn't a car to be driven daily. Just that little bit more practicality.