A cheap F may be an expensive one in the long run.Make sure there's no structural rot in the screen surround, can be a killer if it gets bad It's what killed mine, rust, was a bit scabby everywhere tbh, so worth checking, photos hide it a treat. They are well catered for parts wise, most bits can be found in a Metro (R100) R200 etc mechanical wise, even the odd bit of trim and switchgear.They do go well, especially the VVC, and nice if the suspension is pumped up (even if they do look like they're on stilts) rather than fluid being let out to lower them, it's like driving a car with no suspension as they bottom out over a pebble. Cooling can be an issue, the pipes running under car can rot and are susceptible to damage leading to coolant leaks or total loss, stainless steel replacements available around £70ish. Gear linkage can be a bit vague and sloppy, but you get used to it. Hoods can leak leading to wet carpets behind the seats as that's the lowest point, although poor alignment and seals can leak water in around the glass, and it's not unknown for windows to get stuck behind the seals, so opening the door becomes difficult unless you drop the window first. Not to hard to make adjustments to seal and window itself.
As for the K, well yes HGF is well noted, however, I suspect many diagnosis's of HGF was just the inlet manifold letting go, as that pumps coolant straight into the combustion chambers, but uprated gaskets, along with steel dowels, along with new uprated inlet cures the problem. A PRT stat is also a good idea, along with a low fluid level warning kit. Engine access is a pain, there's room to work with small hands, but to actually get to it, you have to pop up rear of roof, remove the parcel shelf carpet and sound deadening, then the access panel which has around 10-15 bolts holding it in. Dipstick etc are easily accessible from the boot though (as is bonnet pull!)
I, or the misses couldn't live with that as a daily. Me 899cc Cinquecento'll have to serve a bit longer ! 
Is the MG "T"F much the same car just a different nose?
Dolomites and TR7s with MGF wheels aren't unheard of and the K series is an upgrade for one famous, non-standard but more effective competition Dolly. (Google for Ken Wood's well known, largely GRP panelled rally Dolomite, don't just take my word for how well they can go). OK, you got me but did I actually say 4 cylinder K series? 
) and practical , similar mileage and vgc .Cheap too!