Absolutely one cool car! Different than the majority of old cars.
Not only do I approve, I feel that would make a great resto-rod. I am not one of those who believe everything must be original. Fix it up with a few quality performance parts, nicer wheels/tires/brakes/suspension and enjoy it.
My suggestion is to fix it up as you enjoy it. Don't strip it down and rebuild it from the ground up unless you, A) have the time, B) Work fast, C) Know for a fact you can finish it quickly. Instead, I'd make it a good driver, and take it to the upholstery shop once the rust is fixed. Then maybe the paint shop....
As you find parts, purchase them and install. Over the next few years, your car will transform into something really cool. And you'll enjoy it the entire time.