[Zspoiler]

It looks like it has a decent body so I wouldnt`t paint it till last. If it has a 8.5 10 bolt just freshen it up and add a "posi" . I have supercharged small block /Super T-10 combination in front of mine with just a couple of upgrades. A heavier duty carrier and 31 spline axels. On the suspension you can go a basic as using a Z-28 Suspension package to using a Vette Brakes C-4 Corvette suspension package like I did. There is quite a variety of both engine and suspension package out there .It depends on you and your check book.