Okay, if you want to rod it, then here it goes. I would not limit myself to PlyDo even though he has some good stuff. The first thing I would do is get myself a Rod Custom Magazine or a Street Rodder Magazine and start looking at what is available (the ads, not necessarily the articles). I prefer R&C because they are a little more hands on while Street Rodder tends to be more buy it and bolt it. While most of the stuff is for Ch*vys and F#rds alot of the technology will cross over since you are seriously modifing anyway. I am looking at a Fat Man Fab (www.fatmanfab.com
) ad in R&C right now. He has mustang II frame stubs for your 49 starting at 750 bucks. To do it right (safely) the stuff isn't going to be cheap but as they say "speed is money, how fast do you want to go?" I would not trust the stock suspension, king pins, or drum brakes with a V-8. Depending on your fabrication skill level you could go out and get a front clip from a Volare/Aspen and you would have everything you would need, power steering, front disc brakes, adjustable torsion bar suspension, tilt column and V-8 motor mounts but you would need to modify those mounts to put your ch*vy motor in. The nice part about that would be that you could get parts at any parts store for your Volare/Aspen front end. You could do the same with a Nova front end but you wouldn't have the adjustability with front coil springs that you do with torsion bars. That is just the front end. Now start thinking about the tranny, linkage, crossmember, driveshaft and rear end. The stock rear end is pretty stout but the shaft joints would be a pain so look to swap in something more modern. A F#rd 9in would be great and if you can find one out of the correct year Lincoln, it came with factory disc brakes. Yet again, parts available anywhere. Remember to look at the whole package not just one aspect. There you go.
You guys should go to the opion chat line. I thought this was a getting help on items. You know what they say about opinions.
Thanks for the HELP.