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I say go for it.
IMO 69 T-Birds are ugly, I'd keep the engine and sell the rolling chassis.
I'm sure the car has sentimental value to you because it's been in your family for a long time.I grew up around Ford trucks my whole life.I just never had much love for the old T-Birds.Some years look better than others but the 69 isn't the most appealing body style.
I don't much like the looks of any of the Birds other than the "Square Birds" of '58-'60. My brother had about 25 of them over the years, and they're awesome cars. (Just for trivia sake, they will top out at 146 mph with the 300 hp 352 big block)
No sentimental value whatsoever, we bought the car 2 years ago. My mind is set already. I decided it isn't worth the hasle. I think it's great to keep something that old in it's original state.