If all you have is one semester of a body shop class under your belt I think you would just fix it up and drive it.
It would really suck to see that clean of a mid ford cut up and never finished.
Sorry there is more that goes to chopping a van than the experience you have expressed here.......
......Wookee
I totally agree with Wookee. I have seen lots of 1/2 done chops for sale. Someone gets started then realizes it is more work than they thought or their circumstances change. Right now in the classifieds there are 2 or 3 chops for sale that may wind up as scrap, if they haven't all ready. They are rolling if not drivable chassis. Even if you get the hard work done life has a way of getting in the way.
If you start this you are making a long term commitment of large amounts of time and money. I don't know what your financial situation is but with the economy the way it is, it could quickly change for the worse.
If your heart is set on the chop, fix all the rust and get it mechanically sound first. If after that it turns out you are God's gift to body men, it is still a huge project but you have increased your odds.
One more thing to consider, what are the laws in your state? Does it have to pass inspection? How tall of windshield to you have to have?
I hate to be a downer but I'm sure all of the people we have seen trying to sell unfinished project vehicles were determined and willing to learn. That is not always enough. Once in a while that long shot gamble pays off. Most of the time it does not.
Best of luck whatever your decision is. If you go for it I sincerely hope you pull it off. Just seriously consider what you are getting in to. More likely than not it will take twice as long and cost twice as much as you figure.