Can you build a car from a badge? Well from your rivet to Spitfire example, I guess you can.
I whole heartedly support your FATHERSON aspirations, I'd call them DADSON aspirations but that one's taken.
I'm fortunate that my son and I have always got on well and have similar interests, so as a 15 year old high school student with a learners permit I decided to get him a tarmac competition Zed as his first car, partly to keep him away from the relatively cheap turbo Jap import scene and the street racing that comes with it but also so we could compete together in motor sport, the deal was that I purchased the car and he was liable for 25% of the purchase price and maintenance costs but had to do 50% of any work required, I covered all race tyre and event entry costs, I figured that with his part time work commitments this might just have him busy and broke enough to keep him off grog and drugs, ten years down the track, I'm claiming success.
I accept that we all do things a bit differently but from my experience I recommend buying a car that's going so you can get out and have some fun together before any re-build because then the not so fun work becomes just that bit more enjoyable.
This will give you an idea of how we did it and the fun we have.http://www.youtube.com/watch?v=5D1rk2C8eJw
I wish you lots of enjoyment and success with your father son project.
Dad oops I mean TT Aero