Need some purchasing advice

Well it's been almost a month, a few more hick-ups with my dad in the hospital, a few more cars were looked at and I ended up with a 1971 318/auto A/C, PS, manual drum brakes, black int, white exterior, black vinyl top car. Body shop already did the majority of the body work, new spare tire pan, new passenger lower quarter, new passenger side floor pan. Came with the regular low back bench seat with head rests & a second "bench bucket" front seat, headers, complete exhaust, & some misl new parts. The only bummer is the 7.25" rear, drum brakes, & no engine or tranny. (However I'm probably going to pick up the SCAT 408 kit & 360 magnum block, flywheel, harmonic balancer & such off the guy for 1400...just have to decide if I want to go big or go home on the engine)

Plans are:
- finish the body & paint...strong chances of sassy-grass green or limelight or orange (TBD depending on if I want to go back with a vinyl top or not)
- restore the interior
- probably change out the grill to a duster sharktooth grill (wife's request)
- upgrade to disk brakes (probably just go BBP since I plan on upgrading the rear end)
- 14" or 15" rally wheels (as much as my brother-in-law loves the hub caps that came with it...I'm not sure on that look)
- probably just put whatever v8 / 904 in it so I can drive it as soon as the paint is done
Then:
- build the 408 up OR go with a healthy 360
- figure out what OD tranny to put in it
- upgrade the rear end (8.25, 8.75, or maybe an 8.8 narrowed)
THEN, drive it everywhere I want to go.

Any and all opinions or thoughts on a 408 (really interested if a stroker like that can live on the street) and and the best OD tranny welcome! My primary intention is to drive for weekend transportation, maybe road rally / show kind of stuff (read: freeway a must) and maybe take it to the 1/8 mile track we have in town just for fun a time or two for old times sake. (read: I'm not dragging it all the time, just when the need arises) Heck feel free to chime in on color or mods. In the meantime...picture, hopefully more to come.

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