Is that supposed to be a Carousel Red paint job? The paint around the engine bay looks like it might be. If it is, it is the worst fade job I have seen for a while. You mentioned that it was re-painted a couple of times and that makes me wonder what they used (lacquer- enamal). I hope that it is a Carousel Red (code# 72) because I'm a little biased toward that color.
Anyway, welcome to the site and as others have said, it is the best site for first gen Firebirds that you will find.