Ask the insurance company to show you what they think i worth then contact the department of insurance of your state and find out what your rights are and then read your policy regarding a total loss. Get with your agent and have him/her do some of the leg work for you. I would keep the car if I were you. That will be a collector's car in a few more years. It's very tough to find them and if your has a 5.7 block that's even harder. I would also look up values in KBB but you must first find out how much the insurance will pay you and then go to the department of insurance for free help.
Good luck bud, sorry about the car.