This is a pretty difficult project to tackle as a newbee. I'd suggest you try and take a look at one at the races. Even if you have to travel a bit it will be worth it to get some idea of the scope of the project.
Take a look at the car. These are subject to sever rust out just about everywhere. This needs to be addressed first.
Even a relatively low powered street rod will need a lot of help in the chassis area.