Old Firebird.

Drum to disc isn't expensive. Maybe $650 tops if you do the work yourself but this vehicle needs a ton of things. An uneducated guess is probably $20,000 worth of work if you do most of it yourself, including body and paint. It might be worth $25,000 if it's perfect after you're all done.

http://cgi.ebay.com/ebaymotors/Pontiac-Firebird-1968-Pontiac-Firebird-350-HO-5-7L-/271121429833?pt=US_Cars_Trucks&hash=item3f2018b549#ht_500wt_1182

 

No way would it cost that much. I restored a '78 trans am for around $12k in parts and paint labor doing the rest of the work myself, and it was less complete than this car. I also bought a lot of suspension hop up parts and small detail parts that I wanted but weren't necessary for a resto or a cruiser and not readily apparent (like 160mph speedo and 8k tach, converted to manual steering, factory rear disc brakes, polygraphite suspension bushings, raIII heads and intake, driveshaft loop, sfc's etc.). If I had paid someone to do a lot of it, I could see it costing that much but parts are fairly cheap on these cars.

I actually pulled my '67 into the garage this past weekend and started the engine removal so it can go to paint in the next couple of weeks. It will get similar treatment to the trans am but with less focus on suspension as I aim to keep it a cruiser. I'm going to add long branch manifolds and rally gauge package but it will otherwise stay stock.

 

I disagree. While a full blown restoration wouldn't make make economic sense some rust repair and modest paintwork would make a nice driver out of it.
The mechanicals are all dirt cheap and available at any corner auto parts store.
Disc brake conversion is simple and cheap.
The wheels are cheapos, note the universal fit lug "holes".
Trim tag could have been incorrectly made, wouldn't be the first.
People line up to buy worse cars than this.