For fuel efficiency it's not as bad as it sounds. I've got a "classic musclecar" that's a bit older than what you're dreaming of and was getting about 15MPG before my mechanic (a musclecar nerd) told me to switch to the high grade fuel - and I can tell fuel efficiency is even better than before, it's actually costing me LESS to give it the good stuff.
Beware... power-to-weight dropped like a rock just after 1970, I bet you'd be happier with a 65-69 model.
As for the "death trap" remark... Some people might forget that these old cars we're discussing weren't made of plastic and aluminum.

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Hell, you should go for it... Live up that "all your life dream". I think you will feel it was worth it if you ever get to where you can put your hands on the wheel and just touch the pedal and be off.. <3

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