When I first saw "senior" project in the thread title I thought senior=old fart............like myself!

I don't have any advice, per se, but I'd be concerned about tearing apart the whole engine; not for the learning experience - that can't be beat - but you're soon to discover that your budget will get eaten alive once you find that
the rods are shot,
the pistons are burnt
the valves look like they've gone through a war
it's gonna need that
& it's gonna need this, etc.

I'm not saying it's a bad idea. Frankly, if you're making this car a project it's the only way to go. I'd just be concerned that you'll go over budget el pronto.
I'm thinking junk yard/used parts store/Ebay may not be a bad idea for scrounging!
Good Luck!!

Now if I just had an endless budget, a decent garage & time I'd LOVE to do a "Waldig" on my SRT!