First project buy - can someone help me with some advice and/or opinions?

I wouldn't touch that for $4000. Especially with the frame rail rotted out and rust peeking through on the rocker panels. Just buy one of herschel and get it shipped. He has a '72 Dart with a 318 thats a bargain at $800 and a really nice '71 Dart that is pretty rust free for $1800, so at most shipped, your paying $2800 for a car in way better shape. Just my 2cents. I wouldn't touch something that has a fist sized frame hole for that much