For a soon to be 16 year old novice driver I think I would install bear claw latches, (factory ones pop open in a wreck), a 3 point safety belt set up, upgrade the brakes--nothing wrong with power drums and semi-metallic linings and are much cheaper and easier to install, and have the steering up to snuff. Straight axles are fine if rebuilt to new specs and in the $200 dollar range instead of $2000. Triple this price if going to E-Z Glide springs. Dragsters are running 330mph now and guess what--every one has a straight axle. Would also hunt up a 1947 or 48 under the bed fuel tank and brackets to replace the in cab one. Radial tires of course. If wanting to stay with a six cylinder engine you might consider the 230/250/292 since it's bellhousing pattern on the block accepts all the modern transmissions. A smaller PG or Turbo 350 is a very easy install without altering the floor or firewall. You can keep the original steering column and shifter if desired. If never going to be used for hauling loads or trailer pulling stick a 2.73 rear in it and do away with the need for a 200 or 700 OD tranny. Depending on her driving style this will get it into the 18mpg range or close to 20 if a real feather foot. For the wiring you can't beat the Speedway Motors "Mr Roadster" wiring harness for $130. Each wire is labeled and includes all fuses, breakers, and plugs.