There are so many little things that you have to do to make it a decent car. 5 lug conversion if you want anything other than factory Ford style wheels, rear calipers if you want decent rear brakes, whole spindles/rotor/calipters/master cylinder if you want ok brakes all around. New axles and gears if you don't want them to break, plus weld up the axle tube, put on a brace and a girdle. Get an aftermarket block if you want more than 500 rwhp, get all forged internals, get a better tranny if you want more than 300rwhp, and you will need to upgrade the clutch or convertor no matter if auto or stick. Buy an aftermarket ECU if you want to have any real flexibility on tuning. The list goes on. Oh yeah, if you want any power, you need some heads and intake also, or FI.
For all of the money that I have had to dump i mone, I could have bought a single digit car already - and mine is barely faster than stock. It's all been basic maintenance. I spent $1500 on it last week on maintenance replacing all of the leaky seals, will spend another $1500 on it tomorrow on a 5 lug conversion/brake upgrade so that I can put on some new wheels, and will still need to spend another $1500 on it next week to finish up the maintenance work. That doesn't even address the transmisison, which needs about $3K dumped into it also, as reverse has died. I don't plan to sell the car though, so its ok. Better have deep pockets to make an old car nice though.