Walk don't run from that money pit! Give the money to a toddler instead, and let her flush it down the toilet. It will have been better spent.
Plenty of wonderful pre-64s in long action out there at very reasonable prices. You will blow double that amount with this project.
By way of example, an orginal stock for the pre-64, in VG condition, will cost you about $425, IF you can find one.
Mannyrock