Great idea! I can't wait to see what happens and look forward to following along. As much as I hate to say it, for the sake of budget, you should probably go with a Chevy or at least a GM car with a strong motor that doesn't need rebuilt and would respond to a simple cam/carb/intake/exhaust swap.
There's lots of great aftermaket suspension/brake upgrades available for the previously mentioned GM 2nd gen F, 2nd and 3rd gen X, and G bodies and all are good lookers when done right. If you do an F or X body, you could borrow all the stuff learned from PHR's Project g-28 so that would be a big head start.
As much as I love Rivieras, I think it's too big, heavy and rare to be a good g-machine and I don't know that the aftermarket GM A-body stuff bolts on.
I say start scouring the Auto Trader and Craigslist in a radius you're willing to travel and put your findings to a vote.
Good luck and keep us posted!
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