rvrtrash; Perhaps I can be of help.
I had the pleasure of viewing this car personally on Thursday evening. It is located 31 minutes from my home. First of all the seller is a very nice guy with a great knowledge of Mustangs. I found him to be very honest about the condition of the car. By his own admission, the torque boxes are shot. It is missing the drive shaft, the power steering stuff and a few other things from under the hood. These parts are not in the trunk. The grill is missing, the fog lamps are there. The radiator they claim is the correct one. It has not run in years but they claim that the engine is not locked. They claim that the floor pans and frame are fine rust wise. This car came to BC from the factory. It is very, very rusty. It will need both 1/4s and at least one rocker. I think it will need fenders as well. The battery tray is fine, the shock towers look okay and are reinforced, as they should be for a 390 car. The interior is shot. The windows go up and down well, the door open and close with some effort. The front windshield is shot, so is the passengers side rear end cap. All of the sheet metal and fiberglass apprear to be original.
In Canada I can easily see this being a 20-25K restoration job just in body and interior. This kind of stuff is very expensive here and quite frankly most people that work in this industry are completely unreliable, prone to cost over runs and very, very expensive. Perhaps you could get away with 10-12K with a little luck and a lot of sweat equity but I really doubt it. If you have some skill, a lot of time and a lot of desire, this may be the car for you.