This is a deal provided the owner is giving you $3,500 to take it off his hands. You can keep the cash, part out what's left, and have half the funds for nice SC.

Actually the BBS - especially if they are 16" are excellent track tires - lighter than fuchs - and much cheaper...

You should be able to get an idea of what various parts will potentially bring by checking out the classifieds here, on Renlist and on e-Bay.

Buy a car that has all its parts and runs first. They won't be much more and you'll at least have a starting point to your possible restoration. If you buy this car, you will be spending lots of money before you even get it running.

You will have to add the cost of a time machine so you can go back to the 1980's ;)
Sorry, I can't be any more constructive than that.
When I was a teenager i loved the slant nose look, now I can't stand it. I used to like Miami Vice too.
I guess that's why we have so many different cars, because everyone has a different taste. Yes, I do realize that not everyone likes the same thing I do, and that's a good thing :)

I bought my SC with a very good engine, new interior and paint, and no rust for $8k.
All it needed was about $500 worth of small parts to get it right (plug wires, tune up, fuel pressure accumulator, etc) and new lower head studs (cost me under $1000 to do that myself).
Based on that I'd say that unless the engine in that car runs, $3500 is too much for it.