SavetheGoats, this thread is hugely inspirational to me as just this morning I bought a '66 GTO. The seller has done a TON of work, but there's 3 tons left (at least). That said, it's really not too rusty as its been sitting outside in Arizona. You're doing one helluva job and your efforts have steeled me for my long road ahead. I've learned, on big projects, try not to think about the whole, huge, scary, expensive project, stay focused on one small part to the puzzle and before you know it, you've checked it off the list.
My GTO was originally Candlelight (yawn) Cream. Its also not a number matching car, but I'm a bit of a Pontiac V8 freak and have several options for Pontiac power (though I'm in total agreement about carburetors....). Its got a 326 (not original) in it with an as-yet-unknown and partially disassembled manual trans. I may 400/400 power it because I've got the components though almost nobody wants an automatic-equipped GTO IMO.
I'm pretty sure my floor pans are solid, and I know the frame is solid, but I'm planning on starting with a sandblasted and rustoleum painted frame.
I'll try to document my progress here as well.
Thanks again and great job! H.