My 28 Phaeton and 29 Tudor were both thought of as possible hot rod projects, but thankfully both owners had the good sense to realize they were too good to chop and decided to offer them for sale to be kept original. If they didn't sell, then the hot rod project may have happened.
Mechanical brakes are excellent, and you won't have to worry about leaking hoses, master cylinder and wheel cylinders, or frozen master cylinder and wheel cylinders.
It only takes a little screwup by someone to keep mechanical brakes from stopping correctly, but when done right, they will lock the wheels. There are several threads here about checking and fixing the brakes. The SERVICE BULLETINS has a lot of good information about the brakes.