Now that is going to be a big project! Where are you getting the M119 from? Good ones tend to be expensive. I would think finding a totaled 400E/E420 or an S420 and having the two cars side by side would be the way to go.

If you get a 420SEL then you won't have to adapt a pump for the rear suspension.

Get the best body and interior you can find that stuff adds up fast. I would say number 2 sounds better.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200