depends on how deep you want to go to restore it and the vehicles current condition.
IMO i would strip everything. send the body to get dipped or blasted, and repaint. while thats happening, rebuild the motor and start buying new parts. get the body back and go to town. I would Resto-Mod but thats just me.
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-Thomas-

1998 Eclipse GST Spyder - 14b turbo | 3" Catback | Evo8 BoV | 170fwhp if that
2003 Redfire Cobra - 448whp/435wtq - Sold