I totally agree 101%.
Yes, why bother.
Rebuilding the front end would be far superior .
Too many people read Hot Rod Magazine.
Way too many. Like in 90% of them.
That T-bar front suspension had a lot to do with my initial love of the brand. It isn't modern and it may not be comparable to a new car(like anything else about our car's performance is), but it was a big part of the ride and handling combination these cars had when compared to their peers back when new.
The cool factor is having one of these cars that is, for all intents and purposes, as it would have been in it's era. I don't mind minor upgrades (wheels, brakes, etc), but at some point you should really just go test drive a newer car and go with that, if that is what you're shooting for. The old ones are never going to fully compare.
The racer crowd is used to spending money they can't get back... that's what racing is for... bank account size reduction program. Not that it isn't fun or that I don't spend on silliness myself.
Removing the torsion bars is not on my to do list, trying to get better, less expensive steering is. My steering box is shot, and the rest of the steering needs replaced anyway. Getting a rack that will fit and do the job shouldn't be a problem, keeping it from interfering with everything else may be. And if you want power steering you can do an electric setup.
I'm not trying to rain on anyone's parade too hard... and I don't mean to be disrespectful if your ideas differ from mine. I do believe that you can repair what you have for better effect and less work if you're just looking for a cruiser. Heavily modified builds... go nuts... but don't expect to enjoy long trips in it and drift and drag race and turn corners...