Looks like a pretty good car you've got to start with there. Are the wheels on it original 70 rims? If you're not sure get the codes off of them (by the valve stem I think)and post them up here. Someone will tell you if they're the highly sought after rims. If they are you could Ebay them and probably get enough from someone restoring an original 70 TA to buy a nice set of new wheels.
Mine was an Esprit, I added all the TA body parts. At least you got a rear spoiler a cool hood and some wheels! All I got was 3 dog dish hubcaps!
Sounds like a suspension setup something like mine for would be fine for you. Stock subframe with aftermarket springs, sways, shocks, bushings, connectors etc. If you lower it but don't mini tub it be carefull how wide you go with the rear tires since there might be 4 adults a full tank and a spare.
I got my MOMO wheel from Frank (too bad it wasn't straight for this pic)
