Whoa, lots of good information. I really appreciate it.
I haven't had the chance to try cranking the engine because the current battery has no juice. I plan on getting a new battery tomorrow - since I want to try working on the car this weekend.
There's so many things that I know I need to look at/test out. I think I'm going to have to make a little check list.
I'll try to type up a better response to everything a little later.
EDIT: I think I might take some photos of the car, engine, etc...just to show what I have to work with.