Unless you are a mechanic or are related to a mechanic that likes you, I'd think twice about doing this as a first car.
Old cars - even stock ones - are a constant hobby. Modifying them heavily just makes them moreso. If you're also relying on this car as a daily driver, that just ups the ante.
What do you do when your fabricated motor mounts break? Call in sick to work? Stay up all night with a welder and try again?
Project cars are great but they take time, money, knowledge, and facilities. Lacking any one of those things pretty much means you need to double the others.
That being said, the project you are discussing has been done before and so if you have skill and a place to work and time to do it, it can be done. I'd try the message boards at
www.grmotorsports.com for a good dose of reality.