You'll be suprised with a good pinto. Not too sure if many people are familiar with Baskerville Raceway (Hobart Circuit)?? A guy I know (saw the times for a fact) has a mk1 2 door escort with uprated shocks, couple degrees of negative camber, 2 litre pinto rebuilt with an uprated cam, extractors bottom end freshened up and he did a 1.07 around baskerville. The rebuild cost him just under a 1,000 and its bascially bullet proof.
I can understand you with the conversion, as soon as you start doing a conversion, there's no stopping!!
I've got a club car Mk1 4 door, its basically a warm 1600, and that thing is quick as anything (well not really) but it feels like it. As long as its loud and it can smoke the tyres off the start line, thats enough for me

good luck with the car, looks like a fun project