I see a lot of rust. . .just make sure you don't bight off more than you can chew. . .
. . .we just bought a '40 Jeep Willys P/U truck for $800 ($700 less than the asking price) with a 350 SBC/TH350/D18 and although we are still well ahead on our expenditure, the frame had a crack in it (good thing I'm a qualified welder), and the 350 had a crack in the block across 3 cylinders (new block. . .no welding was gonna fix this crack!!!)!!! but based on what we paid for the vehicle and the fact that we got a 14-bolt rear/Dana 60 front axle set, SM-465 4-spd. manual, and NP-205 (GM) t-case for $250 (any one of those was worth the $250 except the D60 was worth at least twice that) and picked up a set of 40x13.50x17 BFG MTR's mounted on Hummer H2 8-lugs for $500 we are actually already ahead, but still there were already quite a few unexpected expenditures before I even had the Jeep stripped. . .
. . .just make sure you give it a REALLY good once over, and you double check the series rules (if you intend on racing) concerning the 0.095" tubing before you jump into it. . .
Good Luck. . .I'm all for seeing more retro racers out there!!!