A Simple Auto Engine Conversion

I was thumbing through a catalog from Speedway Motors. They advertise
a magneto-type distributor. Assuming you didn't come across a
thrashed race engine with magnetos, couldn't someone put together an
engine worthy of aircraft use, by simply 1) ordering an aftermarket
engine with fuel injection, such as the chevy "RamJet" crate engine,
2) adding a dry sump lubrication system to it (not too strange
addition to high perf cars nowadays), and 3)-adding the magneto from
Speedway. Use direct drive to keep the RPM low and reliability high.
I doubt that today's hi perf crate engines lack the torque to turn a
prop at 1:1.

If this is unsafe, specifically why?

I know someone could fly within 100 miles of a t-storm and have the
static electricity play with the ignition system, but stop a magneto?
If you were struck with lightning, your auto-engine might stop, but
then your resin might burn and melt, leaving you with some loose
fiberglass to negotiate a crash. Point I'm making is, experimental
planes near t-storms have bigger probs to worry about, don't they?

BTW, that magneto appears to be offered just for big and small block
chevy's. Aside from that, the models they carry are "nostalgia
engines"...1950 hemis, flat head fords and the like. Another caveat:
they cost $1100...but even with that and a $1200 dry sump system, we
are still way under the cost of an O-540.