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Do whatever you want to your own car just make sure it is safe to drive on the road, for the sake of other road users.
Repair what needs to be repaired and then mod it however you wish to do so. Keep in mind, with a car like this you will never get your money back out of it when you sell so if I were in your shoes I would be using second hand parts or very inexpensive parts to get what you are wanting.
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