Obviously, what to do to the car is your decision. And obviously, it needs a ton of work. That said, there are very, very few early Cobras out there, despite the fact that quite a few were built. Even fewer are in good condition. I have been to most MCA shows over the past few years, plus a few other big shows, and I can think of only one or two I have seen. You will see way more Pace Cars.
As to value, they are not particularly valuable, and probably never will be. I'm an "original condition" kind of person, and wish there were more original and concours restored four eyes at shows. But if you wanted a t-top, so be it.
Basic info such as whether the wheels are original can be determined by reviewing the original sale brochures, copies of which are posted in the Library section here.
Be forewarned: availability of repro parts is getting slowly better, but if you decide to restore, be ready for frustrations on getting the correct this or that.
By the way, cool car and cool color combination. And thanks for posting the pics. As you can tell, there are lots of helpful folks on this forum.
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