engine build for reliability

Rebuild everything stock.
It has lasted 40 years now, it will run another 40 years freshened up.
One thing I would improve on is brakes, modern cars stop fast, so anything you can do to make it stop faster, spend the money, not stupid money but better factory parts.
Brake parts are cheaper than sheet metal and a higher insurance bill, and good brakes are a must have for a younger driver.