Using a big engine like the 500ci Eldo would limit the choice of frame to larger cars. The 1970 Eldo has a front track of 63.5 inches. You wouldn’t have to tub the rear fenders much on a 1980 Camaro, but the typical 1980s import coupe would need an additional 4 to 5 inches on each side to accommodate the stock Eldo drive train. Add to that wider tires to apply that power to the ground, and the back end would look more like a dually. Maybe that is what the OP wants, but it wouldn’t appeal to me.
As always, OK4450, you’ve expanded my horizons. 
Sincere thanks.
Good comments all around. Seems OP has a lot of choices, from a 1.6L Corolla 4 banger drivetrain to an 8.2 L (500 ci) Caddy V8. And many in between.
Yup. My personal taste would rather have a small, lightweight powertrain and keep the weight to only what’s necessary to be able to throw the car around. Colin Chapman, the founder of Lotus, respected this approach with absolute fervor. Bugatti, on the other hand, has taken a different approach. 
My first introduction to Lotus was in '71, a Lotus Europa.
I thought it was the best looking car I’d ever seen. I’ve liked Lotus ever since.
Beauty truly is in the eye of the beholder
I do think Lotus made some beautiful cars . . . but for me, this isn’t one of them
It has to be seen in the context of the era in which it was made. 
I feel that some cars have timeless good looks
While others only look good in their own era, not 30 or 40 years in the future
That’s my opinion, FWIW
That’s true. But some designs are timeless. At least in the minds of those of us that liked them. 
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I am planning out my build kit as well. I have decided to go with a 2.3 ford and make it front engine and RWD. There are tons of aftermarket parts for these 2.3 that are available and inexpensive. The rear axle will allow for easy gear swaps.
I have decided to KISS (keep it simple stupid). The ford 2.3 have tons of turbo options that are cheap and tons of ignitions from complex efi to drop in MDS distributors. There is also a easy option to bolt on a manifold and carburetor.
A smaller engine turbo equipped makes a lot of sense if extra HP is desired. I think the current Formula 1 race cars have exactly the same number of cylinders and same displacement – 1.6 L – as the early 90’s Corolla engine. Similar block specs for the F1 and Corolla, but very dissimilar 0-60 time results 
The Toyota MR2 used a mid mounted Corolla engine and over the years offered supercharging and a 5 speed manual. Using some of the off the shelf parts like shift linkage and clutch linkage might eliminate a great deal of Rube Goldberg engineering.
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Do you mean the aluminum alloy dual overhead cam 16 valve 2.3 liter Ford 4 cylinder . . . ?
The reason I’m asking is because Ford has had many 4 cylinder engines over the years
Since you mention a drop in MDS . . . I think you actually mean MSD . . . distributor, I suspect you mean an older engine, and not the one I was thinking of
In any case, you probably mean a 4 cylinder which was offered in the Ranger . . . ?
I was planning on the SOHC 8 valve 2.3. I have not sourced my parts yet so that could change based on what engine i get. I am casually looking for parts cars/trucks now. I don’t really have the time or space to get started tomorrow but soon. I really need to get my turbo fuel injected motorcycle project finished first. I know it takes a long time to build something like this. I previously built a 88 ranger with a 347 and NOS. When you have to do a frame off and box in a frame and fab all motor mounts, cross members, and build a 4 link rear suspension to accommodate a narrow 9" it takes some time and lots of money. On that project I went way over on budget and this project has a much different purpose and I have live and learned that I need to KISS. My ranger project started off as planning a stock 302 swap. That morphed into building a stroker engine with tons of HP then needing larger transmission and 9" rear axle. My engine, transmission, and rear axle on that project ended up costing over $10K and that was just parts since I did all the labor of assembling the engine, transmission, and axle.
I am planning to build a bigger shop in the spring because I have out grown the small 1500 sqft shop that I currently rent.
What he described is sarcasm, which you seem to not recognize.
I’ll recognize it as I choose to, thank you very much
Please don’t try to “educate” me as to how you perceive things to be. If I want an education, I’ll take an evening class as the local community college 
“What he described is sarcasm, which you seem to not recognize.”
It sounds as if you might be lecturing me, and/or insulting me
If so, I don’t appreciate it
If I’m wrong, so be it
I don’t have a crystal ball, and neither do you
Here’s something to remember . . .
NONE of us are looking at each other. We can’t see each other’s body language, or other such things. Talking to somebody on the internet is quite different versus talking to somebody who’s directly across from you. There are MANY things that don’t come across, on the internet
I’m a bit confused, perhaps someone can clarify this for me.
I always thought “mid-engine” cars were RWD with the engine located forward of the rear axle, ie, where the rear seat is in most cars.
How do you get this with a FWD engine setup?
Or do you just disable the steering part of the FWD setup?
Yep, disable the steering. That’s similar to what major makers have done (I think the MR2 and Fiero started off with FWD setups).
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You are correct, with your definition of mid-engine car
A Porsche 914 would be a perfect example
That said . . . I believe there have been a rare few mid-engine cars that had the engine layed out transversely, where the engine was directly behind the passenger compartment, but pretty much in front of the transaxle
I might be wrong, but I think they were Italian
So you should be able to make a one-off mid-engine car with a transverse engine, although that might complicate things a a bit, as this is probably not common
Pontiac Fiero, Toyota MR2 and the Acura NSX are examples of transverse mounted mid-engine cars sold in the U.S.
And the Fiat X1/9, which had the drive train of a Fiat 128 (like I used to won) moved to the rear.