The very first thing many people would think looking at this car is it needs to be "updated". It needs a small block chevy and disc brakes and on an on. But in the real world that car will be a WONDERFUL driver just the way it is! They were miles ahead of their time and it really is a heck of a nice car.
When you get into the "community" associated with any old car you find yourself surrounded by many like minded people with MANY sources for parts. Believe it or not it may be easier to get parts for that Studebaker than many cars made decades later! Studebakers have a huge following and there are too many web sites to list where people are talking about them and providing answers to questions about them.
I have an equally odd old car, a 1959 Rambler American. I am simply blown away at how many people know about these cars and what parts are available. There is really no big deal getting parts, not super easy like a year old Chevy or something, but not that hard at all.
If you get this car, before you do any thing just get into the community. This takes a little while, a few weeks, maybe even months and then you will have all the sources you will ever need. I have a number of places I can get parts for my Rambler. About a month ago my boss bought a 65 Rambler out of the blue, he just drove in with one to work one day. He asked me where to get parts I told him about a place just about 45 minutes from his home and he drove over the next day and bought everything he needed, from chrome trim to window regulator rebuild kits, all in stock at a place just a short drive away!
That Studebaker is one of the coolest car companies ever and it would be a blast to own one.