Yes it could be a cool Westergard-style custom, but unless you have some serious heavy fabrication skills (especially with sheetmetal) and a whole bunch of time I wouldn't even think about it. That would be an arduous task for even a seasoned builder, and could easily frustrate a novice to the point of a cut up Craigslist/scrapyard hulk.
So let's get it on the road sooner. Do you have the grille and missing trim pieces? A good way to go with it (that would involve much less work) would be a "Bomba" style cruiser. Original body & brightwork but sitting low, looking right and DRIVING. This appeals much more to me, especially with that sort of ugly-duckling body style. Skip the flat black! While there are some that wear it well, it's also a sure way to get lost in the shuffle of a whole lot of half-assed cars. Check out that original lacquer - it may be salvageable and would be bitchin'! Even if you do go a satin route, do a original-ish color. That body needs the definition or it's just going to be a big flat black blob.
Speaking of on the road, anyone telling you to run that Cad flatty has never built or ran one before.
They're also not funding your build or standing with you on the side of the road when it breaks down.
Neat looking? Very. Practical for any sort of modern driving? HELL no.
If you have some extra funds a 472/500 Cad would be a great powerplant and reliable. If you're on a budget, put a small block of your choice in it. You'll be grinning down the road in no time... [ddd