Be realistic with your plans and budget
We all know that guy that is talking about building a Barrett-Jackson prime time car on a shoestring budget. The reality is that it is not going to happen. Know what you can afford and what you can do. If not you are setting yourself to fail.
Before you get into any project you need to understand what you are getting into. Engines are not cheap. Putting a modern drivetrain in a classic car is not just expensive, but very complicated. My wife has scolded me many a time for gross underestimations on upgrades.
Even when you budget the upgrade, most of the time its the extra parts that have to go with it that will break the bank or stall your project. You have to know what you are getting into and know you can afford it.
As an example with my 78 Bronco, we put a 460 in for the 400 that came from the factory. The motor was a fixed price. It was the motor mounts, pullies, accessory brackets, custom headers that killed my budget. They all added up to as much as the engine to my dismay.
If you are going to go with bigger wheels and tires, make sure they fit. If not you are looking at a lot of time and money doing bodywork that you were not expecting. Much easier to go a bit smaller and use the money on what normally is the biggest expense.
That brings us to the most underestimated part of restoration projects….