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Whilst it might be tempting to put in a modern engine, you have to be aware of the limitations of the transmission - rear axle as well as the gearbox.
You really only need 'adequate' power for your application.
In some ways you will probably be operating 'light' (load-wise) and not 'full-chat' performance-wise, but it would pay to be cautious and avoid full throttle at low ratios to restrict the torque seen through the transmission.
Has it still got the original sidevalve flathead engine?
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