I don't think it's any more crazy than syaing "I want to re-build an XA/XB/XC/Citroen 2CV", and there are plenty of people out there doing that!
If you're talking engines, there's no sense in spending big on a 302 when for around the same sort of costs you can throw a 351 crank and rods in there. I run a 302 that's been around the block a few times, so I'm rebuilding a 351 in my spare time and that'll get dropped in early next year.
In terms of "rebuilding" my ZH, I plan to attack it bit by bit. By the end of it, I expect to have spent a shedload of money on it (over 10 years or so) but I hope I'll be happy with the result and I expect there to be few "better" ZHs than mine around. My long term plans include (in this order, unless something goes wrong):
1. Respray #1.
2. Insert fresh 351.
3. Sort out suspension and steering gear.
4. Do up interior.
5. Gearbox/diff recondition or replacement.
6. Back to bare metal to cut out rust professionally and respray #2.
7. Anything else.
Parts 1-4 should take me up to the middle of next year. Part 5 will be as and when needed (not yet). Part 6 is a few years down the track, I hope.
So I suppose you could say I'm rebuilding my ZH. Just very slowly, and I'm going to enjoy and drive the car while it gets rebuilt...
PS - you only need to go as deep as you want to. When I bought my car, I didn't think I'd end up doing too much to it. I have adjusted my previously poor attitude, and I guess that will define how "deep" you want to go. Just remember to keep a tab on the costs so you don't go nuts. And do as much of the work yourself as you can - that'll save you heaps and then you can spend more money on something else. Not sure about airbags, though!
God bless the lord, Henry Ford. 
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