Have a look again Mark. It's not just the engine. He used the entire drive line from the Corvette including the engine, transmission, front and rear suspensions. Which would also involve using the computer and some of the electrical system from the Corvette too. The only thing that is really "Civic" left on the car is the shell.
I don't think he really spent alot of money other than for materials for things like the roll cage and subframe. He had a wrecked Corvette that gave up it's guts and the old non-running Civic sitting in his garage.
I've seen guys stuff Chevy engines in things like Volkswagens, Porches, even motorcycles. It's all for fun. Some guys just get too uptight over what some people like to do for fun with cars.
Look, I prefer good old fashioned American iron. I grew up around hot rodded Model T's, '32 coupes, roadsters, you name it as my dad has been building them since the 50's. But I have no problem with what this guy did. It reminds me of my old '72 V8 Vega I used to run around in. Small car + lot's of power = FUN!!