While I haven't done this yet, as I've not needed to build a Healey engine since I thought about it (knocks on wood...)...
My plan is to take a pair of the 3/4-wheeled HF-type stands, and eliminate the tubes for both forward set of wheels; essentially the two (2) stands would be facing each other (follow me so far?) with a tube connecting the two (2) stands together.
Now you'd have to fabricate your own mounting pads, but instead of grabbing the engine from the backend, the pads would bolt to the engine mount bosses.
You'd also have to figure out the offset, to balance the engine fore/aft in the stand, so you could easily rotate it.
The main advantage would be the ability to have access to the backend, so the plate, flywheel, clutch and all could be bolted up while still on the stand.
If anyone goes ahead with this before I do, please post up some pictures.