Sounds to me like you ought to let this one go. The frame rust, completely shot brakes, and a worn-out engine are the killers. You will spend thousands of dollars that will add very little to the value of this car.

There are cars out there for $1000 - $1500 that will make a lot better starting point. Take what is good off this one (like your beloved carbs and distrbutor - maybe the engine and transmission and do a rebuild), junk the rest and move on. Find one that you can add value to with your own labor, using what you've learned from this one.

You go girl!

Chuck