Stop being silly and get the C16SE engine stripped! It can't be that bad, at most it's likely to need a re-bore, new rings, new big end's and mains? Still far cheaper than anything else, and at least it'll give you opportunity to drive the thing!
Then you can worry about the X16XE etc etc, its far better to have a running car that you can fiddle with than a pile of bits sat in the garage as that is soul destroying - believe me, I know!!!
PS if you want a hand at any point let me know, I'm practising rebuilding engines at the moment anyway as I picked up a 33k lump for the GT which is having a refresh