I think any project is doable if you have the drive and determination. People here have made everything from show cars to rat rods. Getting a free starter car is the least of your expenses though. Something that old will need brake upgrades for a hotrod 350, and new tranny, exhaust, Suspension, steering, wheels tires differential, wiring, wiper motors lights switches, floorpans, paint if you want to paint it, gauges, radiator....Believe me. I got a 48 Ford truck with a c6 and 429 already in it. Once you start down this slippery path the dollars will rack up.
At some point you'll ask yourself, if I'm putting all this time in it, and all this cash, do I really want to drop in an old motor with x miles, and a leaky transmission, or should I rebuild them. Next you think should I just primer it after all the body work and rust repair, only to have water absorbed under the primer and start the rust process again? It's these decissions I've faced over the last year and a half on my truck. My wife says, "what ever happened to what fun it would be to have an old truck. How much more is it going to cost?"
I think it will be very cool to do this car or your great granddads truck. I don't mean to discourage you at all. I restored a Mustang at 16 years of age, and a BMW at 20. If your a patient guy, you'll get them done! I just have to watch my "would'nt that be nice fixed up" voice in my head, because I'm right there with you!

I know this is a little early but, this site is down more than it's up, so...................... Here's hoping everybody has a great holiday season and my best wishes for a great and prosperous new...
Merry Christmas and Happy New year