Thanks bro, and I think as long as your car is in shape to daily drive, you'll enjoy it. It's when it gets to be a pain to drive the fun stops. (ie, you can't hop in and go.. When you can't go somewhere that requires sitting in traffic, or requires warming an open-header car up at 7 AM to go to work/school, or you gotta trailer it on long trips (closest roadcourse or 1/4 mile track is 2 hrs from me, so I'd have to trailer my car no matter what) that's when it gets old, quick.
And yes, same rules apply, though a little stricter due to the recent screwup. We're going to finish off his Mustang (Can you say Lightning engine conversion?) and take them to the track together this spring, so that'll be more fun.
As far as insurance, it's $500 a year full coverage. I've got it listed under his insurance as his secondary pleasure vehicle, and I'm listed as primary on his 97. It's actually a very good price.