Me,If I were thinking of a similar project I would be buying an old lexus LS400 (plenty around the £500 mark) and having a look at dropping its engine into an Omega.A really well engineered Japanese quadcam v8,rather than an old over engineered U.S. boat anchor.
It is indeed, and has been done in the rats omega. But the heads are wider, being dohc. They definitely fitted a rack with that engine.
LS or LS?
.
Lexus is 4litre though? Although just as easily tunable. But then the Chevy v8 well, that's the one to have. But costs more.
Decisions decisions.
I suppose it depends which is most suitable to omega running gear. Cooling, Exhaust, Auxiliarys, ecu and security stuff....etc?
Not much matches a Chevy v8 though, its very hard to beat pound for pound on bhp. You might have to remove the box on a Chevy v8. Where as it definitely will have to come out with a dohc lump.