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Ignore the numbers.
If you want a project, build the '74 into a sweet hot rod. No smog in CO or CA. The '86 in a rare color will command a real premium over a red/black/white, example and that buys a lot of sweet parts and body work.
If you want something to drive, clearly keep the '86. It's just the better car, and it's sorted, and the '74 will be easy to sell in that area (due to smog).
Fantastic dilemma, either way.
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