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It is possible to do some aero work on a stock body. There is a diesel (current production) bug that used to have its own web site with the different things done to it and some rather lengthy economy runs. As I recall it, the owner made a run up to Alaska and got very good mileage compared to an unmodified one.
That said, you can pour a lot of money into trying to make something out of an old Beatle engine that it really is not and you would need to put a bunch of effort into the transmission. My dad had a '61 Beatle and it turned a lot more RPMs at highway speed that any modern car does. And then there is the matter of the rear suspension.
Anyway, why not make it a beach buggy like you were thinking about and have some fun with it.
If you still feel the urge to build an extreme aero car after that why not start with a modern engine and transmission? If you do not have welding skills, take a course at the local community college and build a chassis to suit things or look into a kit car of some sort?
I just think the odds are that you will put a lot of time, effort and money into the old car and the chances of success are not that good.
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