This exact thing was just done on MR2OC. Video and all. They ran the car until it blew. I believe it was Manning that posted and did this before. Bill Strong also blew up someone's engine at Kingston a couple years back. My point was to show just how unoriginal it is to do it. Once it's been done once and seen, it's pretty ridiculous to join into the crowd imitating it.
If you're going to do something performancewise to a healthy engine to show the limitations of modification, then fine, go for it. It provides useful info as to when certain internals fail. This isn't the case though.
In case you didn't see the Paul Woods video in the last few days, when his failed, it shot chunks through the block and into the engine bay, piercing a spot IIRC. It also shot a pretty good fireball that he had to extinguish. That would likely melt things that you'd not want it to if you're trying to salvage the mk1. Why hurt something you like? Believe it or not, I was trying to save you the hassle and potential hazard.
Here, I'll even post the links up:
http://www.mr2oc.com/showthread.php?t=145604
http://media.putfile.com/Death-of-a-Mk1
Just the explosion:
http://media.putfile.com/death-of-a-mk1-part-2-2nd-edit