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They aren't really designing a P1 engine, despite the fact that the displacement conforms to P1 rules.
An engine designed to go flat-out for max two hours is a lot different than an engine designed to use a specified amount of fuel to go a specified distance for six, twelve, or 24 hours.
Right now F1 motors make what, 750 hp but only about 300 lbs-ft torque? if the new motor is anthing like the old, the car will be bog-slow off of corners. Also, how different are the KERS systems (which affect every part of engine and much chassis design)?
Would modifying the engine be cheaper than building two unrelated engines? Certainly (ref. Dr. Baretzky.) But it's far from just unbolting the motor form one chassis and bolting it into another.
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