I think that is the right strategy you have, small investment to test the waters and then decision time for how much work it is to swap the parts versus the better return.
Where I would challenge your thinking is on the total cost of ownership on that Ferrari. On the older models the price of buy-in is relatively inexpensive (to the cost of a new one of course), but the maintenance is a killer. Sounds like you may know one of the techs and that is great if you can get the work done on the side. I have known people that have paid upwards of $3K a pop for regular, scheduled maintenance though, and God forbid something major happens with a major component. To be blunt with you, no one is going to have mercy on you when you own a Ferrari - you're expected to suck it up. How many high mileage Ferraris do you see also? Not many...it costs a fortune to put miles on them. Not that it's any different with a muscle car (esp a Poncho), but still you're not driving a low maintenance vehicle just because it is newer.
If you go forward with it, I hope your experience is different. BTW, where is it raining in San Jose, it is a chamber of commerce day just a tad north here in Fremont (almost north SJ/Milpitas)?
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1967 GTO
Tyrol Blue/Blk Cordova
400, TKO-600, 8.2 Posi w/3.55
400 + .020, decked to .005
SD Performance 240+CFM 670 heads
RARE HO/RA manifolds
RARE 2.5" Exhaust (18" Magnaflows)
SD "Stump Puller" HR cam (230/236, 112LSA, 107.5 ICL)
PRW stainless 1.52 roller rockers
Forged TRW slugs
SCAT H-Beam forged rods
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