Lot of work there ahead of yourself, But i have seen worse but it's going to take a bundle of cash and alot of work to do it right where you can rally enjoy it.JMO And you are going to have to have a new drive shaft made also
ex-specially if you leave out the T/C. Just thought i would throw that out there not a expensive thing but your going to need one. Among other things.
IMHO i wouldn't fool with it if i wasen't going to do it safe and correct.JMO