The value of the car can be ascertained by checking similar cars on line, try Hemming's Motor News as a start. Since it needs paint already, it should be about $4000 to $7000 depending on mechanicals and body.
As for classic insurance, I would advise against that. The details of the coverage preclude the car from being a daily driver. It's really only good for taking it to shows and such.
On their death bed, nobody ever said, "Gee I wish I'd spent more time at work!"