I know, it's a Ford, but

Personally, just from watching my uncle go through one of these to try to restore, I wouldn't give more than $3500 to $4000, but that's just me. Could explain why I don't own one. It's a great looking car, but as someone mentioned, you're looking at a lot of one year only parts, which is going to put those parts that you DO need at a premium. Since the picture your wife is referring to shows her father in front of a 35 or a 36, why not try to find one of those? You would have a much larger selection of parts. But, that's just my $.02. If you want to pull the trigger on this one, by all means go for it and good luck to you! In the end, it is ultimately going to be yours and your wife's decision, and nobody else's.