X2. I know you're excited to jump in and start fixing everything, I think we've all been there before. But fix whatever needs to be done to make it safe, then drive it for a year or so before you do any major work. You'll probably change your mind ten times on what you want to do with it, and stuff that bothers you now will probably be forgotten as new stuff that you never even thought of comes up. I went through the same thing when I first bought mine, I had the front end stripped down to the frame within a week of getting it, thinking I had to fix every little rust hole and rebuild everything. After almost a year I realize I had barely driven the thing, so I put it all back together and have been enjoying it for the last decade. Most of the stuff that I wanted to do either no longer bothers me or is a much lower priority than before. Had I continued down the original route it'd probably still be in pieces in my driveway
I have gone the other way: first I drove and wheeled my 40 for almost 10 years, and now it's been in the shop for almost a year

I am pretty sure I wouldn't love my 40 as much if I hadn't spent all these years driving it

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