Do you have a garage? you will need the space and the shelter.
You have to invest in tools along the way. Start by getting a GOOD air compressor. You are severely limited in capabilities if you dont have one. If you can, get one that can support 20 to 25 scfm. Why so much? Because you will then be able to run a sand blasting cabinet. Why do you need that? Because if you are reusing 50 year old parts, nuts, bolts you will be doing A LOT of cleaning. Trust me
This has been my experience. I have a decent compressor, 12 scfm at 90psi, but Im saving for a much better Quincy Compressor so I can get a blast cabinet. I cant even begin to imagine how much money I've spent in the last 7 years on wire brushes, wire wheel attachments for drills and angle grinders, sand paper, lacquer thinner, mineral spirits and can-spray brake parts cleaner, ridiculously messy baking soda blaster guns from harbor freight....
All these tools and cleaners are necessary at some point and should be stocked in any garage, but if you solely rely on them to clean rust, paint, grime, sludge and oil caked on oil from your restoration, then price adds up quick. So does taking the parts to a company for sand blasting.
Unless you have a REALLY good buddy with a blast cabinet.
I wouldnt think of the cost of the restoration too much. If I would've known how much I'd have to invest in my 71 to get it where it is today, I would have talked myself out of buying it...maybe

. Just eat the elephant one bite at a time. I budget extra money as I get it and take it 1 piece at a time.
What do YOU want the car to be? If you plan on putting a big engine and doing body work, then take it completely apart and fix the rust first. Check to see if the frame is straight. It's amazing how many problems can be hiding behind old paint, carpet and undercoatings.
Oh yeah, dont let anyone discourage you by telling you "Thats too much HP for a street car." I get that all the time.