How much is the insurance on a Renault Sport?
The cost to have that work done does not justify the means. I would get a Ph1 172 and the insurance would probably be less than the extra cost, you would also actually be able to sell a ph1 172 rather than a converted 1.4 16V as the need for hybrids is very low when the genuine article is so cheap.
If the insurance is too dear I would just suggest waiting for a couple of years as that sort of work is just pissing money into the wind imo.
You really also should be declaring that sort of modification to, so you in effect would be saving no money - although I am guessing the whole idea of the converstion is that you get around high insurance costs?
And judging by your write up I am guessing you are pretty young? Driving a car like that fresh from your test is not a good idea and a bit of driver experience would not go a miss.