Depends on what wheels you want to run. Ranger axles and drums in the rear and lsc rotors in the front is the cheapest I have found but it limits wheel choices.
Yes it can be done. No, you do not want to do it after paint. Explain to him you do not want it to be flat. You just need it up to a 45 degree angle. The jegs ad at the top of this page is proof that it can be done.
I have very slight rub up front if I hit a bump mid turn. I have no isolators on the car. It has 98 spindles so the wheel is pushed out .25 farther as well. It only rubs the bolt head that holds the inner fender so Im not worried.
I had a GT that looked just like this except with a cowl hood. I have no good pics of it. And could never get the color to look right in a photo. Here she is with the track wheels on her: