Ford Repair: 1979 Mustang, mustang v6, mustang gt

Question
I am the original owner of a 1979 Mustang, V6 289, Ghia, 3-door, with TRX suspension.
A couple of years ago the engine block cracked and started leaking oil "profusely" as the mechanic said.
It has been sitting in my neighbor's garage since.
Eventually I would like to restore the Mustang, replace the engine, fix it all up again, etc.
BUT is it worth it? Do you know what it costs in a ballpark amount to restore a car?  I am not trying to make money off the car.  It's just that I really enjoyed driving it and I would like to be able to drive it again.
At the time of the engine problem I had 2 kids in college and now just one but the next one will be going to college in 2008.  So cost of fixing it up is the problem for now.

Thanks,
Rich

Answer
Rich-

 The cost would vary wildly depending on what kind of restoration you plan on and how much work (if any) you plan on doing yourself.  A basic restoration would be replacing all of the mechanical stuff...the motor, transmission, and preferably an 8'8" rear end from an '86-'93 Mustang GT.  That'd probably run you a few thousand bucks if you don't go for big performance.  Maybe $3000-$5000...quality performance parts could come close to doubling that.  A full restoration can cost about as much as you want it to.  Between replacing all of the mechanical parts, suspension, etc. you can also add things like paint and interior (not to mention any body work that might be necessary.  Doing a basic job on a budget wouldn't be hard and I'd say it's certainly possible even with a kid in college.  Even if you just did it a piece at a time it wouldn't take long.  Oh...and do yourself a favor and take off those TRX wheels if you haven't already.  In the long run it will save you money since the metric tires they use are pretty expensive.  Don't throw them out...some people like their cars original if you ever sold it and those wheels are hard to find.  They're just...annoying.  Hope this helps.

Steve