I work up at minispares in castle hill, and ive see one vtec car and one swift powered car... ofcourse these motors require engineers reports to be street legal, which could easily be over a thousand bucks itself, there a tight fit and dont sit with even weight distribution, cant say i ever really took one for a proper drive, but from an engineering standpoint although youve got more power, youve lost a lot of other important aspects of your car, if you were to attempt this conversion the best idea would be to find someone who has done it, get friendly with them and copy thier conversion, heh... but seriously theres nothing wrong with 1275's. Get someone that knows what there doing like Mr Russel in north rocks to build you a street screamer. One of the things i hated most about the honda/swift cars was the sound.... My 1330 sounds ten times better and ten times more suitable for the car, and unless your conversions done really well youll get blown away by people who have spent half the money building a well sorted 1275... if 100-120 hp is not good enough for you 50hp of nitro is only 700 bucks .......... a mini cant put down any more traction than that anyway....
Although if insanitys your game....
http://www.zcars.org.uk/mini/mini_twin_rl.htm a twin bike engined 320bhp 4wd should do...