Brian -
Fast, hairy ride pretty much sums it up. Quite frankly I don't think he has given much thought as to how he would campaign it. We have a friend with a '23 T altered, 565 (I think) injected on alky, runs in the mid 7's. He's often out at Pacific running Saturday night brackets in Super Pro. He also won Night of Fire at Boise's Firebird Raceway this year.
So I guess this little Fiat would just be a go fast car, maybe stop it down (if needed) for running in index classes.
As to the '37, it's fate hasn't been decided yet. May become a street rod or maybe find a family member to run it in a street radial class. Or it may just sit for a few years until the next generation of family matures a bit.
Figures, tho'. Just when I start working on a combination for my Falcon that will let me run heads up with my nephew he goes and shops a new car thats probably 1800 lbs lighter than the '37.