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I think the Nighthawk is not a bad choice for a first bike. The one thing I did not see mentioned above though, is the possibility that seals are dried up from the bike being "drained". You could run into seepage issues and finding new seals & gaskets for a bike that old might be a bit of challenge. If I were looking to add a Honda to my (non-riding) collection, that bike would be a nice one to have.
I tend to agree with others though about getting a mid-90s bike for about the same money with slightly more modern technology; better brakes, fuel injection, self cancelling turn signals, better lights, etc.
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