Looking to warm over a 57 Fairlane

A friend of mine has a nice 57 Fairlane thats all stock, and hes been asking me for a while now to do some work on it. He wants it to go faster, stop better, handle better, and be able to cruise. Hes not really a car guy, so it doesnt need to have tons of power or handle like its on rails, so itll be a pretty mild build, but Im just not too familiar with stuff made before the Falcon. The cars in great shape and has a v8 and 3 spd on the column. Unfortunately, I dont know many more specifics than that so I have a few questions.

1) Engine
Would this have a Y-block, and if so, what areas do they need help with the most? Does Edelbrock or anyone else make parts for this engine? Would it be easier to just replace the engine with a low-mile 351w or cleveland? I can get either, just worried about how they would fit.

2) Trans
No idea here, is the bellhousing pattern shared with any other engine families? Any reasonably priced ways to get a 5 speed behind the Y-block? If not, that makes the 351 swap look a little better.

3) Brakes
Drums out front wont cut it, so what options do I have here? Do the Granada disks fit without issue? Rears arent as important, but late model Crown Vic disks are cheap and easy to come by around here, so would they fit?

4) Suspension
Im assuming this will be the most straight forward part of the job. My guess is a bigger sway bar and better shocks will be enough. Is there a better way to go?

I know these are pretty general questions, but Im just trying to get an idea how much work Im up against and if I should even get involved.

check out Welcome to `57 Fords International Home Page it has most all the info needed

I happen to have a 57 also.
I would recommend....
upgrade to disc but with a scarebird style bracket instead of the spindles, the cost comes to about the same, but with the scarebird stuff you can run OEM wheels with no issues, aand you can switch back to original if you want.
also add a dual master and munt the brake like switch on the pedal, use a mustang styled switch.

I would hop up the Y-block, go to Y-Blocksforever
may cost more but it's always nice to keep it as is.
Like I said I have a 57, I went with a 351W but wish I wasn't young and dumb and put that in.

There are conversions for the bell housing, check the y-block site
As far as suspension check into a rack coversion, the wirth kit is the original but but I'm sure there are other people making a similar kit now.

Most all the work is just finding the parts and bolting them in with the exception of a rack it.

Lastly, fix the headlights and add 1956 F100 trim rings

Personally, I'd go with the later 351W and related overdrive auto. Lots of good parts available to make serious horsepower if you want, and you'll never get stuck out somewhere and find no one has a rotor button for a 292, or whatever. You'll probably also find 12 intakes for the 351 that all cost less than the 1 or 2 you might find for your y-block.

Pick up a copy of Street Rodder or Hot Rod and go thru the classifieds. There are many companies now who make aftermarket disc brake conversions. I'd do the shock upgrade you suggested, and switch to a rack & pinion steering.

I know the nostalgia thing is great, but if you look at most of the better street rods now, most use modern internals while keeping the outside looking as 'natural' as possible.

The Fairlane is the chaeper small bodied one then?

I used to have a 427 in my 1957, until it got wrecked and sold. We had it lowered and installed an OD three speed tranny out of some Mustang (as tehy told me). It used to have a 361 Edsel engine with standard 3 speed when I got it. Had to cut and reweld the equalizer bar over some to make it pass the flywheel. Learned to paint (yellow) on it.

If you have a chance, use the bigger early style engine as then all you need is 1958 engine mounts.

Overall, was faster than my abilties were at the time.

Wm.