Warmed-over 360+16 year old=too much?

Thanks everyone for the input! I talked it over with him, and we may have it figured out. I explained it all to him, and told him nothing is set in stone, but here it is:
--find a bone stock, complete, 318 or 273 2bbl. We will go through it, replace gaskets, bearings, etc. Stock cam, etc. Exhaust manifolds. 904, stock stall. 2.76 gears, maybe even some 2.45 gears if I use the parts from my brothers old 8.25 rear at my dads. Maybe just the whole rear. He will do most of the degreasing, etc, and I will show him how to put it together.
--If I think he is being responsible, I'll let him start upgrading stuff. Intake/carb, headers, cam, port a set of heads, etc.
--Then I will probably sign it over to him when he graduates, possibly with a mild 408 shortblock or something. Unless he loses interest or something, and wants a newer car.