I would take the time to appreciate what you've got before venturing down the road to bags and crate motors. In 1940 that car was one of the best offerings that Detroit made, you won't improve it by whacking it up. I believe it is a greater skill level to restore/recreate what master craftsmen built in cars of that caliber. You've heard of us old timers reminiscing of the cars we wish we still had or didn't appreciate until they were long gone? Well, thats what you've got, appreciate it for what it is.
Not that you asked ....... but if it were mine, I would leave the body stock with a great paint job, and a 472 or 500 Cad engine with a turbo 400 transmission. Ad a custom leather interior and you have the coolest cruiser on the block.
my plan is to keep it as original as possible with a few tweaks no body chops mainly suspension and interior
The Jalopy Journal
