If it has emotional value to you then I wouldn't do a rat rod. But, a sweet restomod with some updates would be nice. A/C, power windows, overdrive trans, etc are all perfectly acceptable mods that won't take away from the truck or it's value. You want to be able to drive it, so creature comforts are a good thing to have. I personally would go ahead and ditch the straight axle front and do a mustang 2 setup with an 8.8 rear and 4 wheel discs. Again, these just make it easier to enjoy and drive. Heck, you could even rebuild the factory flathead with some cool retro go fast goodies suck as a 6 pack intake, performance cam, and headers. Honest Charlies is located here in town and they are the kings of flat head restoration/performance. Im not saying it has to be super fast, but you want it to have enough power to be enjoyable. The thing is, its gonna take a lot of work to get it done, and after you do it all, you will want it to be a comfortable driver so you can enjoy it.