Congrats,
My first Corvette was a 74 T-top, 350 ,four speed, 3:73 gears, A/C, pwr steering and not much else.
I drove it through my Junior and Senior year of high school. It was yellow from the factory but did not take long to end up Torch Red.
Had a blast with it. Wish I still had it.
The beatiful thing about a 74 is it is the last year of the non-emissions cars, has all the great looks of the shark, and can be modified to the extreme or left stock. Many different year models share the same parts and that keeps the cost down when needed to do some repairs.
I went to the fiberglass front and rear bumpers (after a little fender bender) and the ground effects package.
Like any C3, you need to keep an eye on the metal structure around the windshield frame, the hinge pillars, the rockers, and the rear section of the frame just in front of the wheels. Make sure it is rust treated and you keep those areas clean. Look under your doors front and rear to detect any signs of rust starting. Take the door panel off and clean the bottom of the door housing out. Leaves and other debris in there will result in rust down the road.
If you see rust there now, don't panic yet. However, you need to get it check by a pro right away. It it goes too far sometimes you end of with a car that is better to sell for parts than to try to drive.
BTW-as you can guess, I was about your age when I had the 74.
Chris