I'm now on my 2nd MGF (missed the first one so much when I sold it I bought another) and I love 'em.
I would forget spending a few hundred pounds on one though and look for one at around a grand thats been well maintained. A recent new rad and coolant pipes shows someone knows how to look after these cars.
MGF is much better drive than the TF and IMO much better built, cars that have been overheated in the past and cars that have piston slap (can be mistaken for noisy tappets) are real heartbreakers and best avoided. Check the handbrake works and feels nice as they eat back calipers and don't buy one thats damp inside, contary to what vendors may try and tell you they don't all leak in.
I would suggest you get yourself a t shirt printed with the slogan " no, i have not had the f@@king headgasket done" because on a warm summers day when you are out for a drive every know it all and smart Alec will ask the same question!