The bad thing about asking car guys if the car they love is a good first car is they tell to you to look at the car itself. Me, I would look at it different. Look at yourself instead. Are you good at fixing things? Do you enjoy fixing things all the time? When there's not time to fix something correctly do you do well under pressure or just end up breaking more things in frustration? If you are not a building things type of guy, get something else and save your g-body dreams for later. These are very rewarding cars to own for the right type of guy, but only you know what type of guy you are better than anyone on here, as we all just met you (and not even face to face at that). I'll ask you a question that narrows it down pretty easily if you answer it honestly. When your computer breaks down do you screw the side off and get a flashlight? When your lawnmower wont start do you pull up to a shop, or do you reach for a toolbox?
These are great cars to own when you learn how to do the work yourself. If you were always more of a guy that depends on others to fix stuff it would be better to get something else. School and work aren't good things to miss because you didn't tune a carb correctly. Not all bosses are going to care. If you do get the monte carlo, a warrantied engine like the Goodwrench 350 might be something you should look at having installed so you can own the car you want but without having to learn about things like how to tune the carb, TV cables, and all the other things that can come up when driving a car that's still sporting original equipment under the hood; school and work won't wait for you to learn these things. Who cares about insurance by the way? Triple AAA motor club all day... You will have problems with the car. Period. When you have Triple A the motel discounts and cheap towing ends up saving you all the money you would have needed to spend on the car and get back on the road faster. The insurance company will not reimburse you for any modifications you perform. They don't like these cars, and they don't care if you spend 10k on a big block under the hood. Ask guys on here how have crashed how much $ they got for their cars. Liability is all you need, bottom line.