Looks like a cool project!
A couple of random thoughts...
Since you're planning on running a 350 Olds and would like a manual transmission, how about a WC T-5? I don't remember all the details, but I seem to recall that you can run one in a GM car without too much difficulty, and the expense should be quite low.
On the rear suspension, how about a torque-arm? You should be able to fab one up fairly easy, it will let you run stock style exhaust, and they work pretty well. Camaro/Firebird used them from 1982 through to the end.
2 choices I can think of on the front that will not cost a ton. 1st is to use tall ball joints and SC&C uppers. The second is a little more interesting, but...
Graft the front frame from a 1977-up B-body (Impala, Eighty-Eight, Parisienne, tec.) This is pretty much the same suspension used in the 2nd-gen Firebird/Camaro, and you can adapt big brakes to it quite easily.
Shiny Side Up!
Bill
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You ever wonder what medieval cook looked at the guts of a pig and thought, "I bet if you washed out that poop tube, you could stuff it with meat and eat it."
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