For the record, I decided against getting involved with this one. I didn't get a chance to talk more with the owner, but I did take a quick look under the hood: oil-stained but empty coolant overflow, I didn't check the oil level, but there were a number of leaks apparent, the power steering pump was removed from the block but laying down on the belly pan - hoses still attached / belt cut, missing hoses and vac lines all over the place.
It did have a nice new alternator and an awfully clean transmission though.

Thanks for the input, I'll keep looking for a project.
Joe