Is the tange hot heart a suitable project for a replica ?
You could build a replica E.T. but a replica of Elliott's bike from the movie would require a KZ-1/KZ-2 f+f.
Finding a set of proper ET forks to go with your Hot Heart frame could prove difficult/expensive.
Eamonn on here built a lovely E.T. inspired Hot Heart. He kept the heart and had the f+f painted blue and white and built it up using a load of gold components. It looked mint.