Sounds to me like you're going to need $10-15K in parts and when you're done, you're still going to have a car that's worth about $8000 or it'll be mostly unsellable.
I say go for it. I have easily 15K into mine and I know, it's all money wasted. Fun but, wasted. As long as you go into it knowing you're pissing money away. I'd say have fun.