Graham
This clearly a case of a little information being dangerous in the wrong hands. What you have looked at is the NEW criteria for the new wave of potential VHI ie those registered after 1960 as those before that date already have VHI. Also this only relates to substantial changes for the requirement to be tested not registered correctly. The 8 point rule is used for determining the correct registration of a vehicle, yes the car so far has a guaranteed 4 points and if the chassis is original with only additions to it (that can be removed) it will attain a further 5 points making it correct. If however chassis mods have been done that remove parts and alter it layout, then it may well fail that part thereby only having 4 out of 8 points. It is quite simple really. I note in another post I think in the cobra section there is a case where the DVLA withdrew the registration status due to the vehicle not conforming to regs.
To assume is to make an ass out of you and me, never assume. Assumptions can be very expensive.
Further, I am not sure that the 1937 could be made to achieve 100 bhp! with out a lot of very expensive work, ie crankshaft mods to shells, possibly a new water jacket, certainly new liners/pistons, larger carbs, better flowing exhaust, etc etc. When I considered my engine for a rebuild I was quoted £18-20k to get that to that level of performance. Let alone how much it would cost to rebuild the gearbox. That is why I opted for the Triumph straight 6 with a now 140bhp and an overdrive gearbox, full rebuild cost of engine with me doing quite a bit of the work £3k ish.
I think it best to leave the matter of registration now. But I implore any potential bidder from the club myself included to thoroughly check the vehicle over.
It is good to have debate but let it be informed debate.