HRK, I looked at your pics. Those two cars need one hell of a lot of work just to run, let alone Bcool. There are better deals out there, that's for sure. For instance, a good car club buddy of mine has a barn fresh, rust free 47 flattie 2dr sedan that runs and drives out great. It's never had one ounce of body work done to it so you can see clearly what's wrong with it, and that ain't much.. He's gonna drive it to the Maupin cruise this year. Thats over 250 miles round trip. He's asking $7500 for it and I think it's well worth every penny. 40's Fords with SBC's and 302's are a dime a dozen. Literally tens of thousand of them were built. If you want a 40's Ford sedan with a little class even still in primer, stay with a flattie motor. They ain't quick or cheap to build but they emulate coolness. Frankly, I think you can find a better project for a few extra dollars. Those two rides look to me like parts cars. They need professional help as well as thousands in extremely expensive re pop trinkets and engine work to be worth much as a restored stocker, let alone a street rod.
Don't bite off more then you can chew Man, there are plenty of half done projects in the paper that people either lost interest in or ran out of money for.. In your position, I'd go for one of those deals first.
It makes dollars and sence.