Opinions needed on car situation: Too build or buy

Looking for some opinions about my vehicle situation. Currently I'm driving an 87 Shelby GLHS. Runs good, is dependable, fairly fun to drive, gets 28mpg, but I'm bored with it in its current state and it has some little quirks that annoy me - random miss, no AC, crappy wipers.

At home I have my 74 Datsun 260z that I took into a guard rail. Needs body work, rust work, suspension and carb work now that it's been sitting. 

Finally I've really been looking into the mazdaspeed Miatas after driving a miata for the first time and falling in love with their handling.

This leaves me with three options at the time:

Option 1: Finance a mazdaspeed miata. I'm a college student with no credit, parents will consign, payments would be about $250/month. I would have a nice, fun, daily driver with this option, but also a car payment.

Option 2: Continue driving the GLHS, put the money i would be spending on a new car into the GLHS making it a lot nicer (paint, A/C, suspension, bigger turbo, etc)

Option 3: Continue driving the GLHS as is, and start putting money into building and restoring the Datsun. Fix the rust, fix the body work, paint the car, mega squirt and turbocharge the L26 while building an L28ET on the side, possibly do a different  motor swap.

If you've made it this far sorry for the long post! Looking forward to hearing your opinions/suggestions on this subjec.

Thanks

This is short in comparison to most.

I hate having a payment. Screw that. A Z would be really cool, but it's not an all weather car. The Shelby sounds nice and cheap, saving you money to slowly work on the Datsun until you have two cars. Always keep one cheap and easy to fix car around.

Keep the Shelby, but slowly bring the Z back to life. Much better than a payment. Zs are cooler anyway.... Or I'll take it...

Option 4: buy my Mazdaspeed Miata.

Otherwise, option 5: Buy a boring dependable beater and continue to work on the GLHS.

Option 3 is the only one. You do not want a car payment. If you have not been saving $250/month for about a year already, then don't do it.

Keep the daily reliable as possible. Fix the Z.

I drive a Buick LeSabre as a daily so I can have money for the autocross car.

Option 3. Once the Z's running you'll have two running cars which is hugely helpful and you can pay for it at your own pace, and it sure won't be boring!

Option 4: NA miata.

How bad is the z? It might make more sense to find a rust and crash frew body and transfer parts.

My answer would be to be realistic about yourself. Are you really a builder, or an armchair type when it comes to stuff like this? Really. If you're not going to build it, then spend what is necessary to obtain a car you drive and enjoy.

This coming from one who is being forced to admit, he's an armchair type when it comes to building magical cars and such. I can and do fix them frequently and happily. I do not actually build them.

+1 on foxtrapper's advice.

I guess to answer foxtrapper's question, I'm not really sure. I put together my GLHS, with help from my dad, but I did do a lot of the work. I've also built a full 3" turbo back exhaust for my GLHS. Welds weren't the prettiest, but it fits well.

The Z would by far be the biggest project, it need rust repair on the battery tray area, the dogleg, and some surface rust, frame was fine in the accident, but needs a new strut, fender, headlight bucket, door, and some straightening of the rear quarter. I already have replacement strut, fender, and headlight bucket.

Option 0:
Save up a couple bucks.
Part out the 260.
Sell the GLH.
Buy a reliable regular NA or NB for cash.
Save up a couple bucks.
Call Flyin' Miata.

How long have you had those Z parts that you haven't installed?

I am with the "No payment " crowd!

My choice would be to buy the best Miata that you can pay cash for and sell the rest. You are a college student. Simplify your car situation and enjoy the college experience.

Building cars is a great diversion when you are old and boring .....like me!

Build hobby/obsession/racing cars.

Own something to "drive" that's bone stock.

Swank Force One wrote: Otherwise, option 5: Buy a boring dependable beater and continue to work on the GLHS.

This, you don't need the issues of depending on a 25+ year old car. Buy a $2-3k Japanese compact that wont give you trouble, treat the other cars as toys with plates.

Start on the Zed car. You will learn something, you will not have a payment, you will not have three cars one of them not running and if you change your mind down the road the zed will be more saleable as a drivable runner.

Avoid accumulating any unnecessary debt whilst you're in college.

Thanks for the suggestions guys! Don't plan on selling the GLHS or Z car to fund a miata. I feel like the GLHS and Z car are both going to be worth a lot more in the future, especially compared to what I've for in them.