This article from Chevy High Performance is slightly slanted towards the products of one manufacturer (duh), but generally speaking, I think it's a decent guide towards looking for the next palette on which to express your vehicular artistry. This tends to be a bit different task than simply picking out a good used car for daily transportation, because a project vehicle is often much older, and there's already an underlying expectation that much time and money will need to be invested. Obviously, one has to consider his or her skills as well when making the final choice. For example, I can't do anything myself with bodywork, so I'd much rather find something that needs a full drivetrain replacement than get into a vehicle that has the typical salt-belt rot. I know others that feel exactly the opposite (that probably has to do with the fact that they work in body shops). Also carefully consider the availability of parts (both stock-replacement and aftermarket).
I'm just glad that the guy down the street with the '91 Mustang GT is asking far too much for it, otherwise my current backlog of projects would just get that much worse.

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