Here's a great site for an enthusiast to look over carefully. The author bought a totally disassembled 1981 DeLorean. By totally, I mean even to the point of the alternator being broken down into individual pieces. It's back together now and running well. The author has named the car 'Project Vixen".
The reassembly, the restoration, and the mid-point addition of a twin-turbocharger system took 5 years to complete. With many heartbreaks along the way: unexpected dot-com job changes, a freon explosion, an engine fire, countless technical gremlins, and the sinking feeling that the project might never be done. If there is a constant throughout the long months and years, it's his cute girlfriend who appreciates old cars herself and patiently stuck it out to the end (she's a keeper!). And the end result was cross-country drive to a national-level DeLorean car show their work was proudly shown.
Even if a DeLorean is not your own idea of what to restore (and I think it'd make a great project car), the trials and tribulations would be very similar. As you know, I've set my heart on a 240Z restoration... if and when the proper one comes along one day (there have been 2 near-misses so far). Many readers out there are starting similar projects over the winter months and will benefit from sites like this one. And you may want to think twice about what you're getting into....
This is one of these cases that I've discussed in my blog before... for those of us who are into track events, where dynamic and maximum performance is everything, a old car like this would never work well on the track (only a tiny handful ever does: I can think of one early Z with a GT-R engine I'd like to have). No structural integrity, no brakes, not enough horsepower, technically obsolete, no room for appropriate tires, crude suspension, tough parts availability, on and on. If you're hung-up on these issues, you won't find love with a project like this because you'll never be satisfied with the results. There is nothing worse than a love/hate relationship with a car (or a person). So you have to learn to grow beyond a single dimension and to appreciate "her" for what she is. If that means she only goes out for the occasional Sunday drive, well then sit back and enjoy her company. There is certainly more to life than driving at 10/10ths on a racetrack, and when you rebuild a car yourself and get the dirt under your own fingernails, you can appreciate that much more.
Jump to project site: http://www.projectvixen.com
Additional Reference: DeLorean Motor Company: http://www.delorean.com