what's your end goal on the car? are you trying to turn a profit now or at some point in the near future? do you want to build something out and try and get mega bucks for it? do you just want a fun cruiser and flip it when you're tired of it? do you want a V8 muscle car that you're going to keep?
these are all vastly different things and each of them lead to a different approach to this car from a position of time, effort and investment.
the one thing that matters the most though, what's your budget? and be honest here, that saves everybody a whole bunch of trouble.