Bringing this beast back to life will be very rewarding. Breaking is such a shame and only really the way forward if the chassis is shot. Anything else is relatively easy if you have the time and tools.
I had a similar purchase 4 years ago. Instead of messing around I chose to completely strip the vehicle insides all out except the lower dash and steering col. Out went seats, carpets, sound insulation, trunk floor (shot), and door cards etc. Stripped off all lights bumpers and external trims. Headlining out. Nothing thrown away. This gave me a total view of what I was really dealing with. It also allowed multiple jobs to be done on one go instead of 'discovering' new jobs as I went. Underneath took out gearbox (stuck in third) and sourced a replacement for £300.00. Axles were fine. Hub seals and brake pads / discs all round. Ancillaries all stripped out of the engine bay and refurbed / replaced over time on a learn as you go basis. Luckily I had a non abs non air con last of the hard dash. New ignition system with remote located amplifier. New sensors except lambdas which I can't get out of the exhaust and appear ok anyway. Luckily I had a running engine with good compression so no real issues with the heads etc. New brake servo due to diaphram leak. did my own brake lines (never done before but so easy).
Retimed and puuring like a pussy cat.
Resprayed her myself - got some orange peel so will need to 2000grit that out at some point. Refurbed the wheels myself. None of the tarting up pretty stuff is rocket science.
Without a doubt the best thing for me was having a good sized garage - without somewhere warm and dry I just would not have bothered.
A random selection of photos from my journey in no particular order.
Good luck Sir.