Unless you have the resources to rebuild a car (time, money, space, tools, etc), I'd look for something in a little better shape. I've seen way too many people have to abandon project cars because they got in over their heads. They nearly always lost money when they bailed out.
Find a friend that knows about rebuilding cars and get them to take a look. If you are that serious about it, pay a mechanic with some body experience (or the other way around) for advice.
Edit: It might make a good parts car, if not rebuildable.
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