Larry, Larry, Larry...you DO realize that the unwritten rule is ONLY Fords can be considered when the year alone is mentioned?!?! If this is anything BUT a Ford...well...lets not go there. It could be nasty for "Bluecar...whatever"! Hahahaha Hope you did good with the dusty 32 man...just kidding with ya!
I guess the first thing I would do is get it out and blow the dust off of it. 60mph or so ought to just about do it. Here is what I do if I have a car that is either running and drivable or can be running and drivable pretty easy. if I do not know what i should do with it I get it on the road and drive it awhile. it always lets me know what it wants to be perfect, sometimes all it needs to be perfect is a good tuneup. That works for me. And yes anything more than free or out of budget is too much.
It's like saying you have a really hot girl friend but no one will believe you without the pics. Ha ha
I hope it is not too late to suggest you don't step on the brake pedal until you have taken the brakes apart and rebuilt them. If the wheel cylinders are rusted you will force the shoes into the drums and they will not retract. Don't ask me how you get the drums off after that. Charlie Stephens
It depends on what you think of when you hear "Hot Rod". That is what you want. For me, I think 32s look fine pretty much the way Henry made them. And old school, the way it really was, will always be in style. Study a bunch of 1953 HRM, R&C and car Craft magazines for the truth of how it was.
Looks like the best thing to be done with it is slam a drive train in it and drive it. Plenty of winters left to make changes.