1) First of all, there's a big difference between restoration and modification. Restoration is to bring your car to OEM spec, each and everything should be according to the way it was when the car was brand new.
2) Not true, unless and until you got the car for free or very very cheap. To break even, you'll have to plan everything correctly to save costs where possible (not to cheap out on stuff, but to decrease overall costs where it won't affect the outcome)