I think you have great ideas. The project would keep you busy for sure. All the responses on your posts have been correct. There have been points made for the pros and cons.
Are you willing to spend A LOT of time away from you wife and child??? Are you willing to spend at least TWICE what the car will be worth if you had to sell it???
My dad worked very hard, put in long hours, then he died very young. We never got to connect because he was too busy to spend any time with us kids. I wish we could have spent more time together. I never got to really know him.
I'm an ASE certified mechanic, I'll tear into anything mechanical. I bought a Chally with decent body, needed some panels replaced, etc, and figured I'd do all the wrenching and some of the body work.... As commented on this forum, the cost to restore these cars has doubled or tripled in the last half dozen years. My estimate for doing my car with a small block V8, no stroker, nothing fancy...well the actual cost is way past what I estimated. I will probably have $10,000 to $15,000 into the car over what it is worth. That means if wrecked or stolen, you may never get your money back.
I looked into the collector car insurance. Yah they will insure it for the money you've spent on it, but every one of them put limits on how many miles you can drive. That won't work for me. I want to drive the thing.
A comment about big blocks, especially strokers. Think about the fuel economy. Jay Leno says the gas gauge on his hemi car moves at the same rate as the minute hand on the clock. And the traction is so poor....read big torque and horsepower. He said its no fun to drive...you can never really get on it without the car getting real squirrely on the road. I had a bone stock 440 GTX many years ago. When you punched the gas pedal, if the tires hooked up on the pavement not just right the car was sideways quicker than you could snap your fingers.
More than one person on this forum has said to buy the most car you can for the money. With the bad economy right now there are some killer deals out there. Maybe buy a driver you can tinker on and still learn, rather than a money and time pit that you hope to drive someday.