mini is my ride wrote:
disc brakes ...um ..well ...you ..see
I am working on that

might take a bit longer
I am open to advice and ideas as such
Don't put a 1275 in without the disc brakes. Your insurance will not be valid if you do not have the discs. Imagine hitting a clown in a new Mercedes and your insurance won't pay because you put the 1275 in without the factory fitted brakes that go with that engine. You could be up for $100k just because you thought you would get some disc brakes later on. $1500 is a better and safer option.
No point in rebuilding an engine and not doing the gearbox in a Mini. You have them apart, so do them both.
Are you planning on doing the work yourself and only paying for parts?
Are you competent to assemble an engine?
If so, then you can handle doing a gearbox. They are really not that scary (I honestly thought the gearbox rebuild was easier than a performance engine). If you are doing the work, then you can do a basic rebuild of the engine and gearbox almost within your budget, especially if you are only aming for 75hp (I take it you mean at the engine and not the wheels).
When you get the 1275, disassemble it and inspect for the parts that need to be replaced or reconditioned. Then you will get an idea of the potential cost.
Don't forget to budget for a dyno tune of the complete engine. Chassis dyno is fine. This will ensure that when you transfer the carby and/or dizzy over that you do not destroy your newly rebuilt engine by having bad mixture or timing.
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It was a pleasure ausmini. I'll miss all you misfits and reprobates
