Jason,
Many opinions, huh?
Many have already stated:
1) What is the budget 100k or 25k makes a huge difference in market.
2) How handy are you, if you are limited a factory/pro built car might be best?
3) Buy what you will actually drive and use. Translation don't spend 75k on a car if you can really only afford 50k as you will not enjoy it. Buy what is within your means or the experience might be souring.
4) A build will cost more than a turn key used car. Might be worth considering a used driver if you are looking to build.
5) Don't buy it as an investment, reference item 4 above.
Lastly, get involved with the group in your area. See cars first hand, meet crowd and decide what is right for you. Might even be a small block car? Based upon your "Ford parts" comment a SPF would be a great choice as gthey are factory assembled and tight.
Best of luck.