What Tommy said above!!!
I may be the type of situation you describe. My replica's engine has a box-stock long block out of a 1989 Ford Mustang GT. The factory EFI induction has been removed and the engine is fitted with an Edelbrock intake/carb package. That eliminates the need for a computer to manage the engine. The sidepipes have replaced the stock exhaust. That is about as close to stock as you can get and still have any sort of period correct appearance once the hood is opened.
This vehicle has required one carb rebuild and one distributor control module replacement in the 12,000 miles I have put on it. Any Ford dealership can work on it and I cannot count the number of independent shop owners who have asked me to use their services, almost all of whom commented on the engine's ease of service.
Is it fast enough? It would be if it would hook up better! These things are light and their power:weight ratio is as good as almost any factory performance car. Most of us lower-powered Cobraphiles enjoy our cars every bit as much as the big block guys...but it is true, we all really want more power, no matter how much we already have.
You can have a real blast in a roadster replica with a factory EFI engine. Computers have really increased engine reliability and power...and factory dealerships LOVE them. F5R has been one of the manufacturers who offers a kit designed to use the factory computer control systems.
Good luck! I would certainly second the suggestion that you buy an already completed and "sorted" replica. There are some remarkable bargains on the used market, just exercise due diligence.
Cheers from Dugly