I just love the Ford line-up from the Fifties--perfect material for just about anything. When Ford introduced the Ranchero in 1957, it was a hit. I especially like the quad headlight '58 Ranchero, which is the basis for this doodle.
I would drop this baby down about 3 or 4 inches and maintain a very slight rake--no butt-dragger here. Body mods would include removing some stock trim, and a nose and deck job would fill the bill.
Two body mods worth mentioning are, first of all, a slight extension of the rear fins and a slight lengthening job--not a lot, just enough to accentuate the dynamics of the body style. I would probably french the rear taillight bezels with simple, low-buck utility lenses off of a '60 Falcon. Secondly, split the front grille bar from the bumper (I believe they unbolt), lengthen and taper the ends, and rechrome and raise it slightly to have a floating grill bar.
Paint? Slather the mix with a silver base and then spray a candy blue/azure and 'flake it. Then apply a Watson-inspired layout done in Pagan Gold mixed with silver and gold 'flake. Add a nice English white stripe job to complement the panels and have your favorite stitcher drum up a super-slick tonneau cover in off-white or taupe to cover up your swap meet goodies. Her new shoes would be a set of wide-whites topped off with Studebaker hubcaps--nice and shiny!
Drivetrain? You can go either way, but let's keep a Ford in this Ford. I'd opt for a crate engine in the 351 size, auto, and keep the stock niner out back. And cool duals with Brock mellow tones to ride in style.
This buckaroo would be a hit down at the local corral!