I think we are missing a vital piece of information here. How much (or better put, "how little) can you buy it for.
At the right price, you'll have plenty of options, including salvaging the worthwhile parts so other cars may live or, perhaps, and depending upon RUST, putting it back on the road.
For this example, the cost of entry is crucial. I'd think that anything over $1000 would probably be too much, but then I've only owned my car and been learning from the gurus here for 3 years, so I may be off base. $500 would be about right, $350 better yet. At that point, I'm seeing enough parts that could easily recoup your cash if you find it is too rotted out to save.
The gurus will chime in. Grady loves to see these old girls brought back to life, so you may have some "encouragement" from him, particularly if the floor pans, rockers, etc are still relatively solid.
Good luck!
Let us know how it turns out!