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wouldn't using EFI from a 75-76 Datto be "allowed"?
In Aus, we didn't see any EFI Datsuns until the R30 Skyline of the early 80s. Twin sidedraughts will out perform a factory plenumn style EFI system anyway...
Old school is about using modifications of the era. No question about it. If you think it means something else, that's simply because you don't know what it means...

...if you know what I mean...
People misuse words all the time, eg "ignorant" is not the past participle used to describe someone who ignored you.
If its got a twin cam multivalve engine from a completely different era, it simply isn't old school. As pro-240c said, old cars with classic styling and modern engines are known as 'retrotech'. They are a different style of car built by people using a different philosophy. It's great that they are sympathetic to the styling of the classic car they modify, but their completey different philosophy towards what they want from the powerplant is a massive departure from the old school philosophy, and should be recognised as a different thing.
If you throw all that hi-tech EFi and computer junk off it and run carbs on the CA or SR that's cool, but it still ain't old school. When I line up on the track beside a SR20 powered 120Y with twin carbs, there's only one of us out there doing it the old school way...