If you're going working class I really think there's precious little point in doing too much with the underside. Just make sure the arches and suspension units are clean. If you're going to go to those lenghts with powder coating everything you might as well go full concourse. Certianly the plan for the engine / engine bay is spot on.........but be aware that Ford stopped producing the Escort Cosworth 11 years ago so some parts may be VOR at best..........maybe not available. Just be aware before you start ripping clips off etc..........certainly get the wheels re-cut and standard fit tyres on. Bodywork wise you're on the right lines, any small dinks can be taken out by Dentmaster if there are any. I wouldn't take the arches off - if they're still originally fitted by the factory I'd leave them unless they have to some off to paint the body. Pig to fit back properly - can be done by a good body man (incidentally if you need a superb painter I know a man - he painted my S1.......) but if you can leave the kit I would. Bumpers are no big deal though, they can come off.
No doubt there will be those who disagree with me, but all in my opinion..........