It all kind of depends on a lot of things...
What are your skills - metal working, welding, body work
Do you have all the tools necessary - compressor, cut-off tool, welder, sawzall, grinder, body tools
Do you have the space to work for an extended period of time - shop, garage
Do you have help - dad, brother, neighbor, buddies
Do you have funds - can you afford new replacement metal, do you salvage
Do you have patience - long term projects can wear on your nerves
This is what my son Aaron and I did for our very first ever car project. Yes, it was ambitious. Yes, it was rewarding (dad and his 14-year old son bustin' knuckles together). Yes, it tied up a few dollars, but we spent less than buying a crappy used car exactly like every other kid's in his high school. Yes, Aaron learned things about cars and auto mechanics he can use the rest of his life - he works on his own car. Finally, we both got bitten by the MOPAr bug and are developing this into a life-long hobby (nearing completion of 2nd car soon).
Just decide what you want to do, dive in with both feet, ask plenty of questions when you hit a snag, and NEVER look back.
Jerry