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Zef has covered it!
There are a few types of Alfa engine from the period, the earliest 750 series engine is very rare and far more expensive and should run with the early sandcast Weber DCO3 carbs which fetch huge prices on their own.
The later 101 series engine started around 1959 and are easier to find parts for and some are shared with the later 105 series which came in 1962.
They look good but don't go as well as the British alternatives!
The Ford engine is much simpler and a 1500 will be quicker than the Climax. Most parts are available from Burton Power in England, who's parts are of great quality.
Plenty of people have worked on them or similar engines (such a Formula Ford), so plenty of expertise available.
The Climax looks better and would presumably have been a common fitment, there are a few people who specialise in them in the UK and some produce extremely quick engines but the price shoots up with the performance.
There were apparently 19 Elva Mark 7 Porsche's built, they used the 4-cam 356 engine (that seem to have been 1700cc) which is very rare and incredibly expensive - a rebuild apparently costs over 50,000 let alone buying the engine.
The Porsche engined cars had curved lower rear wishbones that were necessary to clear the exhaust system.
In Europe you would be encouraged to fit the original engine for your car (which of course means working out what it was and proving it!), especially if you wanted to run a 1500cc Ford!
There's also the question of which classes you can run in, it's worth looking at the competition in the 1100, 1300 & 1500cc classes, if they exist and then working out where you are likely to place...
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