Welcome to the club David!
I bought my '71 240 a little over a year ago and was only planning to clean it up and put a Velo Rossa kit on it. I was going to leave ALL of the mechanicals stock.
THEN I DISCOVERED HYBRIDZ
Now I have a fresh 355 SBC, T56, Coil-overs, 5 lug upgrade, Outlaw brake upgrade, all new poly bushings, Painless wiring kit and a Velo Rossa body kit... all sitting on my garage floor.
Talk about getting in TOO deep. Major scope creep here.
I got my car stripped and on a rotisserrie with one sub-frame connector in. Unfortunatley, I haven't been able to work on it for almost 3 months. So, there she sits...
Best of luck on the project! (I wish I had dipped my car. I hate stripping paint and undercoating)
-Marc