Well, I assume that the price was close to free, right? So if you change your mind, no big deal. You are a brave man, but it might be cheaper to just buy one in concours condition, rather than trying to put that one right. Old saying: "You cannot make a pickle back into a cucumber".
I once had a 912 parts car that was WAY worse than that car; it looked as though it had sat on the bottom of the river for decades. Sold it by the pound for scrap. Good luck and keep us posted!