How much stuff does it need to be a decent driver? Will she drive it the way it is? When we found ours the first question for her was "assuming I get it running good and put some floors in it would you drive it the way it looks" answer was yes and after I drove it for about a month then she started driving it and liked it till it wouldnt start at the gas station one time. Its winter here now and snow on the ground so I have time to tinker with it. My plan it to yank the motor and transmission. Transmission is going to a friend of a friend that is going to take a look at it and do what needs to be done, for sure I know it needs a new pan and output seal, I guess there are easy things that can be checked by someone that knows what they are doing with the pan down. I am prepaerd to have it rebuilt if needed now that I know that the rest of the car will hold together and that she likes driving it. As for the engine I suspect it may have the cam advanced so I am going to take it far enough apart to check that and if things look good just new frost plugs, seals, and gaskets. I dont want to remove the head if I dont have to.
So to sum up Im glad I/we had 2 months and about 1500 miles on it before winter and now I am much more comfortable spending time and money on it over the winter so it will be ready for summer. There are a lot of little things that poped up after driving the car that I would never have noticed or thought to check, for the most part they turned out to be little easy things to deal with but could have been expensive things and at that point I would have already spent so much that the only choice would have been to spend more. I am going to look into EFI to improve the startability and drivability for her, I can handle a carb and it seems to be working well but she is not used to carbs and if it dont start with a turn of the key she panics and its all over then because she wont listen to anyone try to expain how to get it started.
If you have the time and money and plan to have the car/ motor/ transmission for a while go ahead and rebuild it all but if you have a limited budget and time (like most of us) drive it for a while and see what happens, you may not have to do much to the drivetrain and can spend it on more fun and flash stuff. You have to remember (unless you know for sure) chances are slim that that motor and transmission has never been apart in the last 40 years, so who knows maybe someone else did some of the work for you. The great thing about these cars is you can buy almost every part. Becides that she thought it was cute I bought it because I wanted to learn about body work on a car that $20 pannels are available for instead of my cadillacs where new stuff dont exist and used stuff is hard to come by and not cheap.