Let's see a picture of the Camaro?
Since it was your father in law's race car your wife might be nostalgic, sentimental and more willing to let you spend time and money on it.
If you want to get on track get the Camaro.
Circle track racing would be a concern as it may require a lot of repairs between races.
Lots of contact at circle track races.
If it can be converted to road course DE and that is what you want to do go at it.
It might make a fun, safe and easy to work on Lemons car.
It sounds a little like my 2 Camaros, tube chassis all analog no abs or nannies just car set up and driver skill.
It does help to have a good friend as a pit helper and in the garage between races.
in car video
https://youtu.be/XAc4KVQJunY?t=476