The biggest problem with running something like that is the rarity of the parts. If you break something, it would be very difficult and expensive to find the parts.
Personally, I wouldn't even sell it if I were you. (unless you were to sell it to me. I have a Turbo Optima at home it would look great sitting beside
)
Hang onto it, and maybe get your self something more modern to race. I'd hate to see that Optima get beat up!