So, 5 years later, this rewound H40 is still going strong. Been well abused, couple of rims and countless spoke replacements, 2nd axle has lasted well despite having a Tench replacement on hand for when it breaks.
Big thanks to the guys in this thread who urged me on to start and throughout the rebuild, because this bike has brought so many pleasurable rides and just keeps on giving, without getting too hot, there isn't much that it can't tackle, to me an almost perfect combination of power:weight. It's so good that I've been building up a Flux Alpha over the last 2 years, has only needed to be wired up for a while now, but I sort of don't want to finish it, if you know what I mean. I'll have to keep the old beast around I think.
Here's a video of a ride with a few mates