My personal WAG is that reserve on this, even without the engine, is well north of 40K. Don't forget some very important points (some that are already mentioned by evil Vince).
1. Its "real". That means even in today's flaky economy and lousy housing markets, that every day this car is worth MORE money than yesterday.
2. It has documented history. Big big deal to collectors.
3. It is eligible for and fully capable of, competitive vintage racing. Vintage racing has big $$ competitors.
4. Just a rough glance at the pictures - I suspect the car is also legal for SCCA races and hillclimbs without being thrown into a full formula car class. Instead, it would go into a race-prepped door-slammer class against other cars it should be competitive with.
Just angela's humble opinion.
angela