The family connection definitely makes it all the more valuable.
Don't know what your experience is with restoring old vehicles, but one suggestion would be to do the mechanicals first. Don't even worry about looks at all, get the brakes working and the engine running. Then get some lights working. Then you can enjoy it as you look for parts or plan the rest of the restoration. Most projects get abandoned when they are in pieces all over the shop and it just gets overwhelming to have to put it all together again. If you can drive it for a bit sooner it may well help with the motivation to see you through the rest.
If you have the motivation and support though by all means tear it all down, it will be the fastest way to the end result, just make sure you are prepared for how much time it will take.
And how ever you approach it make sure you take lots of pictures to share with us
Tad
