I think you should focus on the things that will make the car more fun to drive for you. Yes, get the title sorted. That keeps your car on the road without having to scan the rear view mirror all the time.
If you like to drive with music, add that. It can cover some of the unwanted noises.
Personally, I'd embark on a mechanical restoration starting with brakes and suspension. Brakes that work really well are actually quite satisfying, just get the stock brakes working like new and you may be surprised, they're pretty good. Next, steering and suspension. New bushings and steering joints make a quite noticeable difference in drivability. Get the best tires you want to afford, but make sure the suspension won't just wear them out prematurely. Upgrade the sway bars, and if you can, splurge for some good shocks. And, how are your tires (I already said that, I know). Tires can make the biggest noticeable difference in driving experience that you can do.
Learn to tune the engine. If compression or leakdown tests are disappointing, hold off on the engine upgrades (carbs, cams, etc.) until you're money's ready to get the basic engine (pistons and valves that seal, all the oil stays inside, etc.) working well. You may not have to replace all the internals, maybe rings and a valve job will get you an engine that works well for 50,000 miles or so.
Sounds like your reasons for wanting to do this are good ones, retreating to the garage can be a good release. Have fun with it.
Jerry