SWMBO's standard '72 Midget still has 145's on it and they suit the car really well. Plenty enough grip, and the suspension is pretty soft anyway so you don't really notice the big sidewalls if you drive it in a classic, 'flowing' style. We just bought budget tyres and they've been fine.
My Mum's '73 Midget (now sold) had wider minilite copies (bought through the MGCC) with 165/70's on (I think they were Kumho, but certainly nothing exotic) and you could be more of a hooligan with it, chucking it in, sliding the tail with roll oversteer, so it depends what you're after in the driving experience.
If it has standard brakes then definitely upgrade the pads to Mintex M1144 - makes a huge difference (from frankly 'scary' to acceptable in modern traffic).
Great fun cars to own
Bob Stark
Supersprinter