we have diffrent ideas about what a race preped engine is then as i don't think get one thats any good for £1500.
it will get a some good headwork, a nice pair of cams, vernier pully and get it fitted and setup. it all dpends how far you want to go.
cams for the 16v are between £350 - 500 , headwork is £500 + depending how far you want to go. the vernier will be about £80 the new belt about £20 the gaskets and head bolts about £60 and proably £100 on the rollers setting it up. and someone still has to fit the parts in the first place and it's allready at £1110 and not even touched the bottom end or the flywheel
or you chould just slap a k&n in and do the wur mod all depends on what you want to do. imo a race preped engine is going to over 5K