Hi Doug,
Just for reference, I have owned a 1973 & 1974 Challenger and now a 1970. I have seen where a couple of guys have done exactly what you are thinking, although as noted, the question is: where to stop with the modifications and at what cost? The harsh reality is, my 74 Rallye Challenger (all matching numbers, rust free b5 Blue) was a real show stopper, but my heart was set on getting a 1970. I worked hard to get the 74 sold, but that was before the market fell and unfortunately, as rare of a car as it is, it just never commanded the big bucks/investment. Of course, it's your car and you should do what you want (hey, I'm cloning my 70 to a TA for heavens sake), but I would recommend keeping it as a 74 or selling it and buying a 1970.
I wish you the best, Charlie