Unless you want to do soem rather competitve driving, I wouldn't bother.
Just make sure there's no rust and get rid of those big holes (weld them up decently).
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<font color="blue"><i>1981 TR7 FHC Sprint (better known as 't Kreng)
1981 TR7 DHC (not very well known yet, but back on the road)
Also a 1980 TR7 DHC, 1980 TR7 DHC FI, 1981 TR7 FHC</font id="blue">
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http://tr7beans.blogspot.com/</i></font id="red"></center>