Subscribed! I really enjoyed reading your post and watching your excellent video as my 911 story is similar to yours (dreaming of 911 since boyhood, acquisition being delayed by life getting in the way, seeing the price of long hoods increase beyond my budget, etc...). I've owned my 1970 911T for 11 months now and have done quite a few small fixes but I'm not brave enough to drop the engine yet, although I will need to do it eventually because my engine smokes also. I will be following your thread attentively!
As you probably know, there is a vast quantity of information on this forum. I've found answers to my questions, have received advice from members around the globe and met great people offering their help and parts. Pelican has become a big part of my 911 experience. Here is an excellent thread where the owner of a '69 911T restores his 'Rat' with tons of information and photographs. Very well written, a real pleasure to read:
http://forums.pelicanparts.com/porsche-911-technical-forum/660560-saving-rat-restoring-69t.html