I REALLY LIKE your thinking and direction with the father/son build. My son is 7 now and we are building "his" car. He will own it one day. And he loves helping me work on it too.
For your build, just some basics. Maybe a Hotchkis TVS suspension. Or Global west spring and shock package. Both very good systems and are budget friendly.
Possibly DSE leaf springs and coils up front. Just to get the look you want and better performance too.
For wheels that will fit your brakes, give Jon or Justin a call at Driverzinc. They are a sponsor here. They just started a sale on the New Gen line of wheels. They have some really cool designs and the prices right now are GREAT! They can put together a complete package with tires, wheels and suspension for you.
A decent small block chevy motor like a 290hp crate motor right from your local dealer. About $1,900.00 all new with a warantee. Run a small 600cfm carb, decent ignition and exhaust and you have a fun car without killing the budget.
As for the mileage, a V8, 4 speed, carb,........its not going to be a Prius on gas. But it shouldnt do too bad either.
Good luck, start a build thread so we can all watch it happen.
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Eric
1970 Camaro.....on the road someday!
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