We just completed changing out the shock towers and fender aprons on a 69 Mach 1. I would definitely hoist the engine to give yourself plenty of working room and a chance to give everything a good close inspection. Make sure you have a good spot weld cutter. 3/8 works well. Happy drilling.
I agree with cougarCJ. Although i didn't do the shock tower, i did both inner fenders and rad support. Take out everything. fender, engine,suspension. It is a pain to do all that but having all the extra room to work in there will make you feel better once you really start grinding away and welding. Beside it will let you inspect the rust cancer better like Alan says. Good time to replace old suspension parts too.
Difficulty level on a scale of 1 to 10 with 1 being the easiest and 10 being very very hard would be a 10. This better be a really valuable car because you are about to spend a couple hundred man hours.
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