It doesn't sound like you're really wanting to "hot rod" it... sounds more like you want to ressurect the old gal so you can drive it daily but keep it looking like an old bolt to the passersby. If you go the full resto route then your daily driving will be somewhat limited. But if you upgrade the drive train, front end, steering and brakes then you'll feel a lot safer on the road for your daily commute.
I agree it's a big fork in the road and deciding which way to go is a huge decision with costly and time-consuming implications. I've gone the ressurection route... still have the 235 (with electronic ignition), rewired, but still have brakes, drivetrain and steering as was. I'm comfortable driving her every day but highways are for occassional use (50-55mph).
Having said all of that... it's a trip having her look original... the thumbs up and comments are constant. My vote is for a happy medium.
Do it and enjoy her!
