Bebe, I think updating the car is beyond consideration.
The car would need a new "everything" including chassis. These cars rust not only on the outside but from the inside of the chassis out.
The car deserves to be restored either to "original as raced", or as a static display (it would be in my living room).
At that point if you have the "bug" bad enough, build a new updated simillar car that looks just as good and has all of today's safety features.
Then line the new car up at Speedweek and "GO LIKE HELL"!
In the mean time keep us posted, ask all the questions you want and come to the salt and/or dry lakes and find out why your Dad and the rest of us have given our all to make it every year........ Bob