I'm sure you're not looking for a money sink, but for me, this would be an ideal "low risk" first resto-mod effort. Kind of cool with low collectability, this will never be on the block at Barrett-Jackson, but you can try a lot of new things using salvage grade parts without being too hard on yourself if you make mistakes. If keeping it 100% original isn't the goal (I gather you want to keep the original transmission), figure out how to mount a junkyard Gen3 5.3, see if that trans will mount or if there is an adapter plate for it.
Probably a bigger commitment than you want to sign up for if you're hedging on buying it. ...and having the space to have a dead roller for months at a time.
Are these ones with a fake exhaust tip?