That is a neat concept. I think the power output is a little low for most RV applications. 3.9 Liter is a bit small. 5.2 Liter (O-320) is the standard. With a slight power loss due to being a flathead, 5.5L would be a contender.
I have a Thorp T-18 with an O-290. That is 4.75 Liters, and 135 H.P. @ 2700 RPM. It flies well and had adequate power, but less would not be satisfactory.

__________________
Scott Emery
http://gallery.eaa326.org/v/members/semery/
EAA 668340, chapter 326 & IAC chapter 67
RV-8 N89SE first flight 12/26/2013
Yak55M, and the wife has an RV-4
There is
nothing-absolute nothing-half so much worth doing as simply messing around with
Aeroplanes
(with apologies to Ratty)
2019