I, like you, decided I wanted a good looking driver. Since the engine was in good shape (just old looking) I am focusing on the suspension and steering. I puchased a performance suspension from VBP, and plan on getting a rack and pinion steering from steeroids.
I didn't have the facilities (or guts) to pull the body, so I'm doing all the work with the body on.
The first thing I did was put the car as high as I could comfortably get it on jack stands then removed the suspension (this is not necessary if your not going to replace it). Then I cleaned every bit of dirt, grease, oil and steering fluid from the bottom of the car. I used a pressure washer and castrol degreaser (don't use simple green, the grease just laughed at it), scrub brushes, scotch brite pads and toothbrush sized wire brushes. This took about 8 hours of hard scrubbing, but you can eat off of the bottom of my car now. Wear eye protection and a mask as the castrol is strong. I stared out wearing gloves but I could not feel if I was getting the grease off, so my knuckles got pretty banged up (the bottom of the car is a lot sharper than the top).Here are some before and after pictures.
After it was clean I focused on the engine. I wanted to freshen the appearance of the stock engine since it ran fine. I removed everything that was not orange (74 blocks were painted orange). Taking pictures as I went so I would know how it should go back together. I then cleaned the engine block again with degeaser and about 6 sizes of wire wheel and cup brushes then wiped it all down with laquer thinner. Next I masked every thing that I didn't want to be orange. I am now in the process of painting the engine with rattle can engine enamel. Here is a picture of the engine after it was cleaned the first time and before everything was removed and cleaned again. I'll post a picture of the painted block the beginning of next week.
After the engine is painted I'm going to rustproof and paint all of the frame I can see. Just lots of creative masking.
Then I can start putting it back together. Nothing goes back on that looks old. I don't have the budget for many more new parts so if it can't be polished then it gets painted.
The interior comes next. fortunately the interior looks like it's only 5 years old. I'm going to pull out the original carpet and clean it and dye it. Anything else that looks old gets refreshed, again if it can't be polished it gets painted or dyed. It only gets replaced if it's broken and can't be fixed.
Painting the body will come last. My paint is in pretty good shape so it may be a couple years before that happens.
Almost everything you want to do can be done with the body on the frame, but it would be 10 times easier if it were off.
Just remember every project will spawn 10 more.
Also, back the car into the garage so if you decide to pull the engine once you get started you will be able to get to it. Don't ask me how I know.
Good luck getting started.
David