Hey Scottrae3,
If you don't need it for awhile, have the time and money, it sounds like a good time.
If this is a working mans car, (point A to b, screwing with that may not be the best idea. These cars are incredibly reliable once you figure them out and cheap transportation, why screw with that? A bit slow off the starting line, but that isn't a terrible thing.
If you have the option to make this a fun rig.. , EJ implant, DO IT! You have some great back roads over there!
Search for a wrecked subie, talk to the wrecking yards, some will deliver a whole car, let you salvage what you want and come back and pick the carcass up. I found a farmer with a rolled 93 subie in Burbank County and took most everything from that for a reasonable price and kept watching the local Craigs list for tranny's or other engines.
Sad to say, but this is life, I got about half-way into my swap into my 82 wagon, and had to bail which didn't hurt me one way or another. Sold everything except radiator. If you can bail out of the project and it doesn't hurt you than that is easier then losing your work car, is all that I am saying. It is unlikely you will re-coup the money put into a project like this but the skills learned and challenge can out way the financial end.
My cautionary stance is that I have seen several kids here in the Tri-Cities try and do a swap thinking it is a no brainer project, get in too deep financially, and now with a garage full of parts, and no way to get to work, have to dump the project. They gained nothing but a cluster of loss's, first is financially as they now have a garage full of parts and not a running Subie. Second, no transportation to get to and from work and third was the mental stress (Loser) in what could have been a positive experience. Having everything purchased, standing by, and extra cash available before diving in is the smart way. If you have the resources of tools, cash and equipment, already available, then that works too! As our government has shown us, given enough cash and resources, they can get a brick to fly. So it all depends upon your needs, wants and resources.
Keep us updated with pics if you decide to do it. There are a lot of older posts on this subject and people on here who will do what they can for you.
Good luck! Oh, I was eyeing that 84 wagon, is that the Blue? I-think, on Craigslist? Looked good from what I saw.