1) Start with a newer car. My car is a 1981 and only cost me $200. It only had 72,000 miles, but had been in AZ it's whole life and it showed, especially in the interior and the paint. When I bought it I had no intention of converting it to a V8, but I am glad I did. However, after the conversion was over I now had to spend the time to fix up the rest of the vehicle.
2) Decide if you want to have a sleeper or if you want everyone to know what you've got under the hood. My car is 100% sleeper. It even has the stock steel wheels and faded Arizona paint job.
3) You probably don't want to use a Rochester Quadrajet carburetor. I used one because I was familiar with them as I have had vehicles in the past that were powered by 350's with Quadrajets. In actuality they are good for trucks, but for a hopped up car you'd have more fun with a Carter or Holley.
4) Most importantly, this website is NOT meant to be a how-to guide. Do not blame me if YOU do something wrong or get hurt while working on your car. Care should be taken when working on or under any vehicle. (That's my disclaimer.)