I would do it depending on how hard or easy it is to get replacemant parts for the rest of the car that is still Jaguar. Brakes, CV joints for the rear, ect. I knew a fella that had one several years ago that was converted to a Chev 350, and loved it.

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past MB rides:
'68 220D
'68 220D(another one)
'67 230
'84 SD
Current rides:
'06 Lexus RX330
'93 Ford F-250
'96 Corvette
'99 Polaris 700 RMK sled
2011 Polaris Assault
'86 Yamaha TT350(good 'ol thumper)