I understand completely everyone's point about starting with a V8 car but starting from scatch can be a great way to learn. If your friend is going to help you with the build-up that should help keep costs down. It's really not much worse than starting with a 5.0 and redoing everything anyway. Just make sure the car is straight and clean and that you are willing to put tons of time into it. Another thing to consider would be down time with an engine swap if you have no other transportation. I say dig into it and get your hands dirty!
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66 Tahoe Turquoise Coupe
Laser Red 96GT Ragtop
30 Years & 30 inches apart in the driveway!