Welcome to CHR. You have joined the best forum on the internet to gain useful information. Restoring a piece of American history is a great place to start. Pick something that won't break the bank, and do it the way that makes you happy. Then it can be used as a stepping stone to move up the ladder to something better.
First car? I think I spent $45 for a 53 Packard, way too long ago. Man, that was a barge.