Sounds like a great setup to me. I have built each version of the Typhoon series over the years, and each one was a great plane.
The MV 1 (while not a latest and greatest design) would be very competitive in any AMA class today. The typhoons are just that sweet.

Advise. Build it out of contest balsa to keep the weight around 8 lbs.
You can build the nose up as well, save the money on the glass cowl, and then cover the fuse instead of the painting method most use for the Typhoons.
If you use a glass cowl, you can still cover the fuse, but have to paint the cowl, and always see its seams. Just build the cowling up , and cover it all. I have built all my typhoons with a built up cowl all the way to the Typhoon 2+2, and been very satisfied with the looks. The newest model the Typhoon 2000 ( Thats another story) To wide, tall to build from balsa to keep light, and then you have to build the cheeck cowls to keep the cool look.
I am glassing this one, and will paint the fuse on it.

The GP retacts are fine for an 8 lb plane, but why not modify for a nice set of fixed Bolly CFiber Gear and pants? Can do this for the same price as a retract setup, and never worry about gear again.