I've had this project for well over half a year now and I've made lots of progress between school, work and such.
I never have been a good one to update blogs, but I'm going to try my best to keep it updated, I promise. This page will be updated the most real-time: http://www.flickr.com/photos/61986249@N04/sets/72157636780647726/
In summary, when I purchased the car, it did not come with an engine. The motor had a scored cylinder and it had already been stripped down to pieces (most of which I