I am thinking about buying a 1946 Taylorcraft that has NO gyros at all on
the panel. I really want at least a turn and bank so I want die if I loose
reference to the horizon for any reason. I have been told that the heading
information from a GPS is good enough to do the function of a turn and bank
and allow emergency operations without having a visual horizon reference.
Is this correct?

You can obtain the BEST answer to yoyur question by going up and
trying it out.

I've shot three or four simulated "ILS" approaches under the hood,
using only a Garmin 396 plus the aircraft's airspeed and altitude
indicators. The 396 has an imitation turn coordinator that is jerky
and has a delay but it works well enough to keep you right-side up and
get you to the airport.

I have NOT tried using it to recover from unexpected "unusual
attitudes," which is another matter.

vince norris