Tire pressure is set based on many factors including tire construction, tire materials, vehicle weight, vehicle balance, driving habits and many others. The factory specification on early MGBs was for tall, skinny bias-ply tires. Running a modern radial at such low pressures will cause uneven wear, poor fuel economy and sloppy handling. Likewise, running too high a pressure will cause a harsh ride, unpredictable handling, overheated tires and rear end skipping on rough surfaces.
Typically MGBs on radial tires will run between 27-30 PSI in the front and 28-32 in the rear. I have found that on 175/70R14 I like 28/32 and on 195/60R15 I prefer 30/30. So you need to experiment with YOUR tires on YOUR car driving the way YOU drive. Just start at around 28/30 and adjust daily from there. You will eventually find a pressure you like where it balances ride quality with good handling.