My First Car!

Congrats on your first purchase.
Seriously turbo and cheap are not in the same sentence.
Turbo's cost a lot of money to get to work correctly.
Listen to A-body bomber, get the car safe.
Your car is now over 40 years old, the front end most likely is wore out and will need rebuilt.
I think the one most dangerous thing about old cars is the front drum brakes.
It is really hard to drive in any type of modern day traffic using drum front brakes.
I would start reading and learning how to convert to disk brakes.
There are factory service manual available to down load here, read it several times you will need the knowledge for future repairs.
Change all the fluids in the car, fix the oil leaks and learn how things work, you will have to work on it most likely sooner than later.
Most of all have fun and do not get discouraged, there is a lot of knowledgeable people here just ask for help if you need it.
Good luck