That said, such a long nose would be of benefit to either fit a really long engine in (straight 8 or Merlin V12 type of thing) or to move the engine back, so that it is front of the rear axle. But this would be a lot more work.
I have to agree with the above sentiment, personally for me it looks awful, but the advantage that I can see is that you have a lot more bonnet space to fit a longer engine, straight 8, v12, v16 etc. If you are keeping the original short engine then there is no point in spending lots of money to create empty unusable space under the bonnet. Especially with the points mentioned above regarding the lack of resale and potential legal issues with getting it registered.