That is definitely a great hobby for a young father with two kids!
Just be prepared to take it slow(funds for the car should come AFTER the funds for the kids) but that doesn't mean it can't be fun!
Have you ever restored a car or worked on a car before?
What do you plan on doing with it? Will it purely be show or are looking for some go, too?
Give us an idea of what you plan to do with it and what your mechanical/automotive background/experience is and I can give you a TON of things to do!
You don't always have to modify a car or buy parts for it to have fun with it!