Jeff, if you like it then go for it. It will be be satisfying to say the least. Some parts WILL be costly but hey, you gotta stop it so start with the brakes since its already running. Kits,brake lines ect are fairly cheap depending on how bad it is. If your currently able to drive it then rebuild kits, after honing may suffice the breke system and keep fingers crossed that the drums ect are OK.
Engine is up to you pal. Plain rebuild or something inside to use up the gas you want to dump in there with two carbs

BIG money is in the paint/body. If you can live with what you do then go for it too.....or drive it around in patina for a while until it tells you what it needs! Well, while the engine is out I'd clean and paint up that area.
Good luck. Post progress pics and let us know how we can help.
...and Welcome to the Bolt. Best site on the world wide web.