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It's hard to really give you a solid opinion...
I'd argue that after purchase, you're going to have to sink in a considerable amount of money - maybe $10k to address the clutch and oil leaks... maybe less, maybe more, but the point here is to be conservative on your estimate so you don't get burned.
The low mileage is definitely a plus, but I think you'd be crazy to pay high $20s for a car that needs immediate work.
I'd start in the upper teens and truthfully, I would be hesitant past the $22k mark. There likely won't be a premium in the car's value being modified, and a stock '88 with 41k miles needing an overhaul would be a half-decent value at $32k (22 + 10)
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