I love my challenger lift, I bought it used and having a lift is the way to go. I agree with the gang on here, I wouldnt trust the anchors after mutliple uses.
I wouldnt, you already own a fun car that you own outright. If you truly bored with what you have and is a good deal I can undertand. I look at things based on cost, paying $9 on top of your bird sounds like an expensive mustang though.
Like someone has already mentioned, it is all about the prep work and having a mentor to get you going. I was lucky my dad worked and retired from PPG and had a lot of training in body shop and was able to pass this skill unto my brother and I.
Respray it the stock color, so you dont need to respray door jams/etc. Look into Napa Martin Seymour paints, it is cheaper than the other brands and is it pretty good quaility.
The only real way to get of rust is to sand blast it away and then use a good etching primer afterwards on frames. On sheet metal, you need to cut it out. For degreasing, diesel fuel or kerosene.