You would do better by buying a car like this:
http://www.pro-touring.com/forum/showthread.php?t=33998
And then spending $13k on performance upgrades (crate motor, brakes, suspension, etc)
At least you woud be starting out with a car void of rust which costs a bunch to fix and only gets worse.l
$35k should be a solid and rust free car.
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"A ship in port is safe, but that's not what ships are built for."
See Bad Penny run the cones:
https://www.youtube.com/watch?v=8GUPPIX-92U
1971 Chevelle Wagon - Roadster Shop Chassis ProCharged Shafiroff LS and lots of yada yada
1968 Camaro - Project Track Rat - 440 RHS LS