I am currently 14 and my dad has a 1967 Mustang GT Fastback sitting in our old house. The motor works fine but the car is rusty and in interior could use some work. I have very little knowledge of cars. I am willing to spend a good amount of money on restoring this car. Hopefully this will be my first car.
Join a local mustang club - great source of information.
Subscribe to Mustang Monthly.
Get a set for Ford Factory Manuals
Browse this web site: http://links.vintage-mustang.com/
Set a goal be it Driver, restomod or show quality restoration.
Don't loose sight of your dream, there will be times when you will be overwhelmed and discouraged (moral support from your club members is invaluable in these times).
WOW, your a lucky kid. This car is very worth fixing up especially since its a GT fastback. That car should have the 390 V8 engine. Mustangs are great to restore because the parts are available. See if you can pick up a shop manual on ebay and start reading about the car, this should help you get started. I am excited for you. I am in the middle of restoring a 1966 Mustang. Great project.
Ok, first things first. If you don't know what you're doing when it comes to welding and body work. Then don't try on a car like that. You can do more damage than good and could end up destroying the car.
I would suggest taking it to a professional and having them do the body work. Make sure you inform them that you want the rusted sections repaired and not just covered over with bondo.