Sounds like an awesome project if you have a garage! a good job to fund the parts! and time on your hands to work on it and get it done. Correctly.
I wanna buy this 40's willys by my house that has sat for probably 20 years and is rusty and has no tranny. Has a tire on the hood though
Good luck, I would get it! But one thing, take a ton of pictures of everything you do! and post them here