1966 Valiant...should I part or fix it?

I'd keep it and do all of the things you mentioned that it needs and make it into one badazz little car...but that's just me. Sounds like you can get some of the items it needs for free and purchase some items along the way until you are ready to cut out the rust and replace the floors and frame rails...but that's just me. In the mean time, find a nice little smallblock to warm up with a few goodies, get some Schumacher mounts and a couple other items and get it setting there to make the switch when you have it all stiuched back together... but that's just me!!! You do what you want, but it sounds like a fun little project, Geof