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I'll pop through as long as I'm not working.
1. Chris
2. Poobah
3. Jon.G
4. JD
5. Laura
6. Naith
7. Cookson
8. Jenic
9. Greg (since he owes me a doughnut)
10. V6 Clo
11. AlexH
If you're not confident that it's been well treated id at least be wanting to have a look inside to check for any signs of wear/damage. Unless you have the budget to replace the engine if it fails under stress.
Sounds like your electrics have rotted away (unlikely) or that one or more of the earths aren't good. Check all the earthing points (locations in Haynes) are clean and making good contact.
Pal of mine steering a rather well tuned TR4 round Cadwell at a recent track day, a few laps until it developed a few issues (cooked brakes and fuel surge).