IMO, definetly worth it . You can get massive amounts of rubber under the car with this move. On my car I've got 12" of tire and still have a couple inches of room.
The handling effect is negligible. The difference between the stock location and the 3/4-1" relocation is 5# of spring rate. So your 160# springs will now only produce 155# of force. Not enough to really notice.
Remember that there are differences in B bod rear housing widths, so factor this in when you buy rims. 65-67 rears are 1" narrower than 68-70 rears. So your rear wheel backspace will need to be either 5" for 65-67 housings, or 5.5" for 68-70 housings.