Depending on how nice or original you want to make your car, the MK2 can be a very expensive car to restore. With all the visible stuff - bodywork, paint, chrome, glass,interior (leather, wood, wool, vinyl, gauges, etc), you also have the less visible mechanicals. Done correctly, they usually take 1200 to 1500 hours and $50K out of pocket money. So for $125K and up you build a JCNA concours car.
OR
For around $45K you can buy that same car that someone else built, had a few years of fun, and sold for a substantial loss of money. Yes, it isn't your car with all the emotional attachments or the particular color combination you prefer, but the cost difference is substantial. Recently, a few MK2's were on the US market in the $40K to $60K range and they all had JCNA paperwork. One I helped on the restoration went for around $45K and it was a JCNA class winner - The best MK2 in North America. If I didn't already have a nice driver MK2, there'd be a new mortgage on my house and a BRG sedan in the garage.
If you do decide to restore yours, find a shop near you, so you can visit occasionally to check progress (and give money). Ask for owner references of other MK2's they've done. Ask if they do all the work in house or if they ship it out to sub-contractors. In other words, who's responsible if the interior guy messes up the paint. Also, keep in mind that the Jaguar market is very hot right now. Not the sedans, but the XK's and the XKE's. It's just like the late 80's when the stock market dropped and the wealthy had disposable money for toys. Right now the top end, classic import car restorers are incredibly busy. They're the only ones hiring while the cheaper European car builders are hurting.
I better stop myself before I go economic.
Again, consider the costs now before you go in deep. After $30 or $40K into the project, you'd be lucky to get a third of your money back on an un-finished project.
Now, if it was an XK or a series 1 XKE (coupe or conv.), the money's well spent (now). I recently worked on a XK150 that was 98% finished, needing a top, top cover, and some little bits. Beautiful car. The customer ran out of money at $100K, sold it to a broker for around $125K who finished it up and re-sold near $200K.
Phil.