My vote is for #1, looks like a fun ride! Too much work for #2 and how long will it take to git er done? Time is money. Turning wrenches is fun but it's more fun to be out enjoying your ride, IMO....
As far as the $$ goes, the car looks decent but the price is too high, IMO, for a car that is not stock. Interior needs work, wrong rims/mirrors, bumper needs rechroming, nit pick stuff but non the less, I don't see that car any more than the $12k-$14k range, but that's just my opinion. Would need to see engine bay/underneath. Didn't mention that the car had a resto, just paint.
Around Boston, MA a '72 Challenger converted to a VERY sweet '70 R/T with a 340 (ya, ya, we know they didn't make R/T's with 340s in 1970...
) all restored went for $19k and change...looked just like a stock '70 R/T, Hemi orange with hood black out and black bumble bee stripe. It was delicious.....
