Oh yes! A proper retro colour too - dont be tempted to change that! The bodywork looks in remarkably good condition.
It's a pity it would lose the original block, that's assuming it is the original 'matching-numbers' block that was with the car when it was new.
I've been involved with MGs since the very early 80s and own what was my second ever car, a 79 Midget. Although I changed the engine in the late 80s due to the high mileage, the original engine stayed with the car until I sold it in 2000 and I very fortunately got it back with the car when I found the car for sale four years ago, albeit the original engine was in a bit of a sorry state having been badly stored. I'm now pumping the money into it to get it reunited with the car.
With most classics, having a matching number is a big thing and goes a long way to upholding the car's value; my older, pre-war MG would go up in value a lot if that had it's original engine - that car had a Ford sidevalve engine put in it during the mid '50s (probably due to lack of spares for a 30's car at the time) I'm now returning that car to its original spec but the costs although eyewatering, will pay-off in the long-run, even though its not a 'matching-number' engine from when the car was new, it is of the correct type.
Good luck with the job and please, keep the forums posted of your progress.
The story of my '79 Midget can be found in an article here, if you're interested, entitled 'Once, twice, three times a Midget' (not my choice of title!)
http://www.midgetandspriteclub.com/wp-content/uploads/2019/10/newsletter201812.pdf