Date registered: Feb 2007
Vehicle: 1968 250SE
Location: Western Michigan
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good luck with that budget. doing the majority of the old paint removal will be key to keeping your budget in line, but keep in mind that a mediocre paint job run about $1500-2000.
The engine and drive line work will be somewhere between $500 and ????? dollars. If the engine is smoking, the fuel distribution pump needs to be reworked. If the engine is buring oil, you'll need new piston rings, and new valve stem seals. While the engine is apart, you might as well replace all the bearings and seals with fresh ones, not to mention - getting the rotating mass (crankshaft, rods, pistons, crank pulley and flex plate) balanced for a smooth running engine.
Then there is a transmission rebuild
Realistically, if you can get all these things done for about $6-7000 you'll have a sweet ride.