I personally think that if it's a valuable car to begin with (say a K-code 289, BOSS, Shelby, etc.), or something that wasn't built in high numbers you may want to keep it stock because they're collector's items. Something less valuable and more widely available such as a 289 2 barrel or 200 six base model coupe i wouldn't so much worry about, and would mod the heck out of it. I suppose it's all personal preferance. i personally would rather have a modded muscle car because points are extremely obsolete/PITA to have maintain for maximum performance/economy. plus the old technology heads/cast iron intakes aren't the best for stock performance anyway. Cast iron exhaust manifolds are inefficient and newer carburetors have better atomization and fuel metering than older designs plus you can get parts for newer carbs out of any Jegs, summitracing, etc. magazine.
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2005 Suzuki Hayabusa GSX1300-R
1980 Ford Thunderbird - 255 V8
ported heads, 5.0L ported stock headers, O.R. H-pipe and Flowmaster 2-chambers, dual roller timing chain
hi-po Mack Truck hood emblem
1985 Mustang GT 5.0L T5, F-303, GT40p, headers, off-road h, flowmasters, MSD stuff, etc.
Sold 02/06/04 
1989 Mustang GT ET: 13.304@102.29 mph (5-24-03)
Sold - 1998 Mustang Cobra coupe, 1/4 mile - street tires: 13.843@103.41 (bone stock)
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