Post some pictures of it! (please)
I have a 5th gen contact over there, and he loves buying old cars, especially F bodies.
As for the paint, it all depends on what kind of paint job you want. Sky is the limit on what you can pay for a paint job, but if the car is to be a driver than you don't need the perfect sheen on the door openings and all the detail work of a show car finish.
I agree with the above comments though, you definitely want it prepped correctly, no matter what quality of paint you go back with.