I have a 39 Dodge 2 door sedan that i like too keep stock looking outside. Upgrading the suspension, brakes, and steering.Also would like to upgrade to a v8 ( have a 318 ) any help or suggestions.

The 39 has an independent front suspension that has been used up through the early to mid 50s. All Mopar cars used the same basic suspension and frame design through 49. Look at any tread covering 39-49 Plymouth, Dodge, or Chrysler, they have been well covered here already. You can learn how to update the suspension, brakes, steering, and how to install nearly any engine known to man, of course we will lead you towards installing a Mopar in your Mopar. Gene

A newbie question, but how well does an updated front susp. compare to something like a Dak or the ubiquitous camaro or nova conversion. I mean, would it hold to "spirited" driving or drag racing? Thanks..

Hmm, drag racing only require that the car goes straight. Just about any front suspension should be able to do that.

Now if you're asking can it handle Watkins Glen, no. But the front suspension wouldn't be the only reason. With a couple of mods it'll handle as well as any run of the mill family type car.

Basically, put discs on it and relocate the front shock is the majority of it. If you want it's also possible to put a power rack in them. But that would probably necessitate a different steering column. Which is probably a wise thing.

Lowering also can help. A lower center of gravity helps handling, and they are pretty tall stock. There are dropped uprights available.
Springs and a sway bar tuned to modern rubber will help too. Just depends on how much you want to change and spend.
Here's a lot of good info, make sure to read the article about half way down.
http://shadowmtkustomz.blogspot.com/