Holy smoke. Free is great, but it sounds like a parts car. Restoring it to anything close to drivable would probably require more time and money than you have to give. I admire your vision for it though.
Aside from the mechanics, it sounds like it's in great need of sheet metal work. That'd be quite a job in itself, unless you want to go bondo crazy. But that wouldn't solve the floor pan.
I love classics myself, and I don't want to tell you to not go for it, but perhaps you might want to look for a car in at least running condition.
__________________  " I've been to the edge. And there I stood and looked down. You know I've lost a lot of friends there baby. I got no time to mess around ..." - VanHalen
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