$1600 won't even come close to buying a trustworthy modern car. Good to hear about the brake upgrades. I didn't realize it was a four speed car as well. That is an uncommon combo, slant six with a four speed plus its a convetible.
What intake do you have? It looks like aluminum, but I didn't think they made a cast aluminum 2bbl. Is it just a cast iron intake with gray paint? It really is a pretty engine. I prefer the red, but it looks good bright (and clean) blue.