Welcome, curious how long is the warm weather "summer" driving season in Iceland?
On the paint, I usually prefer more of a "Day 2" look on my car, but that paint scheme, wild as it is, looks sharp (i.e. looks good!). Using a nice looking magazine car as a template was a good idea. Unless you need to paint the car, I like the paint and it will be unique and stand out. So I would spend money elsewhere before changing the paint. Probably the one thing I would change on appearance is swap out the mirrors for the factory rallye mirrors. To my eye, that would improve the looks more than a new paint job.
Hard to argue with the 392 as a street engine. Seems highly likely that gasoline is Euro-priced (very high price!) with high taxes (and perhaps imported with no domestic refinery?)
In any case, sure looks like a fun car!