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If he's real serious about daily driving a 40 year old car and fixing it up as he go's I hope he has road side assistance and wont mind being without a car for sometimes weeks on end due to the never ending repairs especially if he's going to put a lot of miles on it and drive it on the highways. I'd get a dependable set of wheels so he can get to school and work everyday w/o incident.
Old cars (40 year's old) as daily drivers for young kids isnt such a smart decision now days unless they are die hard gear heads that don't mind living for their classic car and spending every last penny on it.
I say get the cobalt and get to school/work and make that $$$$
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