Welcome, Keane. Sounds like a neat project to start on. You might want to consider some "unconventional" drive train combinations, also read anything other then another 350 / 350 chebbie. Nothing against them, just getting to be a real belly button set up, everybody has one.

Depending on what kind of perfomance level you want, and what you intend to use the car for the possibilities are endless. A 5.0 Mustang set up with either the five speed or an AOD Transmission would probably be my choice for a cruiser. Maybe instead of the conventional 9" Ford rear you could consider one of the IRS set ups out of a T-Bird.

You should probably first decide what the car is going to be used for, then go component shopping for parts that fit that criteria.