Ducman,
Welcome to the exclusive club of early 911 S owners! Even though your new baby has been under attack from the dreaded tinworm, you still have quite a good catch there at $5000.
At that price, you can afford to invest time and dollars into a recovery effort. Surely a rust free running 911S of that vintage would be worth 2 to 3 times the amount you have invested.
I would suggest that you do an "inventory of needs" for the car before you set out in a specific direction. Varoius folks here can then give you time and $$$ estimates for each of the jobs that you will define. Also solicit opinions on DIY vs shop for work you are not comfortable with.
Most likely, you will want to start on the chassis / body first, and then work on mechanicals & interior projects. Decide what you want as a result,, driver, track, vintage track, like new 911S, replica, resale, etc...
I think you have made a good choice, and will be interested in your progress. Best of luck in your new adventure....
