Sounds like a good project, I do agree withe previous post maintence is ok and a saves a ton of money. A good convert will run less then $300. and you gas tank, I don't know whats wrong there but, a good used tank couldn't cost more then a $100 with a pump and sender in it. Plugs wires and a cap and rotor maybe a new water pump and timing chain and bang your tired stang would be rolling, flush the injectors and install a k/N filter bump the timing up and Bang! Your running strong but if? Your sold on the other idea here is a few ideas.
Many questions to ask youself, though.
1. Purely stock rebuild? Y/N
2. Performance Upgrades minor/cam change Y/N
3. Major Upgrade Stroker crank/Upgraded heads, Intakes Ignition, ETC,ETC? Y/N
4. There are many good kits that offer pre-assembled balanced assemblies, at a reasonable cost. Check the ads in 5.0 magazine and Fast Fords, alot of good suppliers.
5. Check-out machine shops carefully look at the equipment, if its all new thats good, if the people running the equipment can do the job. Thats even better especially if they are reasonably priced. Talk with friends and get there opinions talk with a few shop owners and ask then who they use. ( remember they make money using the good high quality shops). They don't like hassles and are willing to pay more for a good shop so we should do the same. I'm not talking about the guy who over charges, I'm talking about the guy who does good work and charges a fair price he is usually busy though, and you might want to plan, on having it set there in his shop for a month.
6. You will need the following done, blocked cleaned cost?
Bored?
Crank ground or polished?
heads rebuilt/surfaced?
balanced?
new rod bolts and nuts?
recondition the rods costs?
maybe line honing the block and decking the block?
torque plate boring?
are the cylinders bored or honed?
Some of these questions he will not be able to tell you over the phone, because they require inspection.
7. If all of these costs come two around $2000.00 grand by a SVO long block and sell your running engine for $400-500 bucks and you into a new factory motor with some juce for $1500.00 of so. You might even spring for a 320 horse or 345 horse Gt-40 motor.
8. Buy a remanufactured motor from a good rebuilder, he would be the one who offers a tested and broke-in motor. With a no hassle warranty.
Bottom Line these are just considerations, I have used with success, and maybe you will benefit by the comments. I certainly don't know it all just have lived through a few bad mistakes trying to save a few bucks..
Mac