Nah, the TR7 is the "anti-Triumph". Unlike all prior Triumph sports cars that were body-on-frame, old-school technology (and I use the word "technology" loosely), and drop-dead simple, the TR7 was a unibody with a lot of modern touches and is not nearly as easy to work on.
I still think a fun LeMons car would be a rusty old hulk of a Spitfire (they show up for $200 or less pretty regularly). Throw away the drivetrain (for that price, you probably didn't get the drivetrain, anyway) and hack in something out of a dirt cheap and reliable car. Doesn't have to be pretty, this is LeMons!
You'd win Index of Effluency handily. Everyone would love the car, could even be a contender for People's Choice with a good theme. It would be light and nimble, fun to race. And it would even be fun to build if a person had the time and some meager welding skills.