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How would I go about doing this..?

Absolutely not worth it. I paid £1k for my 172 which is less than you'd pay to fit the brakes, coils and engine to a 1.2. In fairness, a tidy 1.2 is probably worth as much as a 172 these days so trade the 1.2 in and spend the money you were going to waste on the 1.2 on insuring the 172.
 
Surely by the time all that is declared to your insurance company you would be better off getting a 172 and have the wider track, stiffer subframe etc
 
You can buy a 172 for £1000.

It will cost you a lot more than that to convert one properly.

Tell your mate he's a complete weapon.
 
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