Think that is pitman arm, which is part of the steering linkage---if it is broken or badly worn, the car will not go where you want it to when you want it to... Probably not too expensive to replace if you know a guy with a vintage salvage yard and a mechanic...seriously though, the hard part might be finding the actual part you need for a good price. Scrap metal is worth quite a bit more than it used to be, and a lot of old parts are now something else... Try
car-part.com---they link to salvage yards across the country and you might find what you need someplace close to home...I recently got a lock assembly for my wife's car for $60 and the dealer was going to charge $250---except that the part was discontinued!!
Quick search turned this one up for $105, but I don't know if that is cheap or not...seems pricey for a car part you can't see or play with, but not bad for an awesome toy!!
The brakes shouldn't be too bad as far as parts go...may need to go to a machine shop to get the drums turned, but that shouldn't be very costly either. I'd suggest finding a wrench-turner (preferably someone you or a buddy can vouch for) and having them take a look at it...$900 isn't bad for a running car, but is quite a lot for a lawn ornament. A rough guess is another $300-ish on parts and god knows what on labor...
Just two cents from someone that's driven beaters for years...
Groovy paint job, by the way! Good luck with it!