1. what are the chances that the engine/trans dont need to be rebuiltDon't know where you live, but here in the mid-Atlantic area, you can find a complete running but rusty full size Olds with a 455 and TH400 for $500-$1000. Pull the motor, part or junk the rest, and you're done.
2. this is my daily driver and i dont have the gas money to be running a 455