, Hi Jessi! I'm in the same situation, except for the free car, I may have some knowledge about cars in general and work with my husband doing (brakes, coilovers, re-upholstery, other various "modifications"), but there's a whole lot more to learn and much more work involved in restoring an older car.
I'd say do it if you have a passion for it. I'm sure at times it may be intimidating, but once you get past those times, you've learned that much more.
If you do decide to go for it, I'll probably be on your heels (no pun intended!)
Christine