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I would concentrate on the brakes and front end . A total rebuild might turn into a very long term project. Watch for leaks and do a compression check this will tell you a lot about the condition of them .listen for any slight knocks this will tell you if your habits getting bad.i can tell when my model As are getting by how they smell . Lots of people will argue with me but I feel 55 is pushing it I my cars . They’ll do it but I like 50 for a top speed much better.Good luck and go for it