Ken,
My first car was a 1955 Ford with a 272 Y block...and I drove it every day. No, I am not among the oldest on the site, but I among the youngest. In the early 1990's this was an every day car for me, school, work, church, etc. It may sound like sacrilege, but I even drove it when there was snow on the roads...
If you keep your fuel and electrical system well-maintained, there is no reason why this car could not be a daily driver. A few tech parts on the engine - make sure you put hardened valve seats in the heads, or use some type of lead substitute for today's gasoline. From time, buy an extra hard part or two for a backup. Most of the items on the Y are not readily available at any autoparts stores (especially across the pond), but are technically easy to repair if you keep a few extras on hand. Keep an extra starter solenoid and starter drive around. Depending on the distributor you go with, you may want to keep an extra set of points/cap/rotor on hand as well. I personally prefer the ACCEL 2020 points eliminator kit and not use points at all. Make sure your engine block has a spin-on oil filter installed (if your 292 was original to the Edsel you have, you should already have one on there).
Switch to an alternator (that's my opinion) - there are several ways to get that done. Some companies make kits/brackets to help you mount an alternator with your current wiring. I personally prefer LD Becker in Ohio. They advertise in Y block magazine and are very good with their customer service.
that's just a few notes that are personal to me. some of the other fellas will probably chime in for you as well.
Daniel JessupLancaster, California
aka "The Hot Rod Reverend"
check out the 1955 Ford Fairlane build at www.hotrodreverend.com