Congrats on your new purchase. The engine its self is worth a pretty penny. It's always been my dream to do a 150A or B tail dragger project with an O-320 and make a mini 180 out of it. This would be a great start. In Canada an owner can put this model into the owner maintenance category and do all your own work. The only drawback is the FAA doesn't yet recognize this category so you can't fly it in the US. If you decide to do more extensive modifications and meet certain %age rules it could be in the amateur built category.
Good luck with your project. I'm sure you will have a great time finishing it.
Harry Wiebe
C-GPSU
Winnipeg
