College budget restoration, Trudging forward Options

[ThePaintedMan]

Hello all,
I'm finally getting around to documenting my restoration after the past several months of work. This may not get updated immediately as I'm trying to get as much done as possible before grad school kicks in again in January. However, I'm going to try and post pics when I can.
I purchased this car from a gentleman less than ten minutes from my house named Ray. He apparently is/was a member on the forum as well and was a very cool guy to meet. We talked several times about the car and he was very up-front about its condition (to the best of his own knowledge). He recommended it be used only for the drivetrain, which at this point seems like it was the correct suggestion. However, being 27 and stubborn, I saw it as an opportunity. Most of my experience in the past has been with American and Japanese cars from the the 1980s and newer, and most of that spent doing body work. This car I saw as a chance to learn something (mostly because I figured I couldn't make it any worse than it already was (IMG:style_emoticons/default/biggrin.gif) .
So, after seeing the thing run and falling in love, I gave Ray 1,000 for it and convinced my girlfriend to help me tow it home. Unfortunately I do not have pictures of this, but wish I did! The look on her embarased face was something like, "Oh my God, now I've become trailer trash." We towed it five miles clunking the whole way because Ray failed to mention that the CV joints had been disconnected from the wheel. What a ride home.
I then set to work on it immediately, replacing a broken clutch fork and cable over the span of a weekend. Drove it around for two weeks to make sure I was still crazy enough to keep it, then began tearing it down.
I should mention several things. First of all, this car always had an intention of being raced, which initially was to be in Chumpcar. However, I realized the amount of work needed just to get the thing safe to drive warranted me keeping it for more than just track use. So, at the moment, its going to race Chumpcar next August, and I'm going to PRAY it doesn't get clobbered so that it can be driven afterward. Trust me, I already know I'm (IMG:style_emoticons/default/wacko.gif) .
Second, I have made it a point and a promise (to my forever understanding girlfriend) that I'm going to keep the cost to a minimum. That means a minimum of pre-fabbed parts, which also forces me to learn more about metal working as well. This build is certainly not up the past quality work of many of the folks on this board, but like I said, I'm a cheapskate (student loans ain't what they used to be).
So, here it goes! I'll try to explain more as I go along.