Looks like a great starting point! Couple of my pennies thrown in, I would stay with the 5.9 mag (360) and do the 904 with a shift kit, you will not regret it. With the proper parts and mods a 904 will take anything a naturally aspirated small block will through at it.
I am from Mt. Zion Ill...
Fantastic find! In 2008 when I bought mine, I paid $6K. Drove it from Fresno, CA back to Illinois. Pretty much all original, with 318, AC, 904 and 8 3/4. Zero rust. Engine weak, tranny slipped, rear end howled.
Welcome Stephanie,
Purchased my first Hot Wheels in 1967 as a youngster. Made my own city layout from carboard. Even had black marks at the intersections from burnouts. Sure propelled my interest in musclecars. Hope you can get the 340 in there. Keep us up to date.