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Why not look at some ph1 172s? You'd be able to pick up a half decent one and anything thats left over from your £4500 you could put towards insuring it.
or:
IMO if you really want a 1*2 you wont be happy with anything else until you've got one, so save up and be patient?
i had a 1.6 16v engine and box to put into my 1.2 16v but never got round to it and sold it in the end, i just went for a 172 and so glad i did.
1.6 16v is a good compromise between performance and cheap insurance since its not really seen as a performance car like a 172 is. my 1.2 16v was a really capable car because of how well it was setup so i can imagine a coilovered 1.6 16v would keep up with a 172 down a backroad no problem at all!
Had a shot in one yesterday definetly quicker than the 1.2 but harder to tell since my car is so low and the exhaust but I can feel it in the gears also rear brakes are a bonus