Musings: Restoration = Money loss! (ALWAYS)
I agree with what has been stated above, its all about finding something to start with at a decent price that doesnt need every panel and part replaced. I passed on several cars before I found my current project, a rust free, no bondo, 71 Duster. I bought it for $1500 as a car that the previous owner had dismantled and lost interest in. At the current price that these cars are selling for I dont see any way that I wont come out ahead. I also think it is important to buy as many used parts as possible and refurbish them as compared to buying new, as well as doing as much of the labor that you can handle yourself.