Hey Justin, welcome! you've come to a good place. (BTW I am up the road in Toronto)
I suspect the advice you are seeking is not advice we can really give until you know what you want.
Just googled your car - it's a gem! and very rare. My 2 cents says it probably not a good car to race-prep - Until you get to the T series, you don't really have the power to have anything competative - as well, parts get harder to find the older the car. Something like a YT is much more of a restore and drive kind of car. At that point though the real question is whether you want to. I know it was your dad's car but you can't inherit a hobby. Certainly if you are into it, restore and enjoy it! But, if it's not your thing (or even your style - you might really be into muscle cars) take lots of pictures, pass it on and keep the memories.
BTW here is a quick Google of what yours might be worth.
YT for sale