It's all about the mission, and/or the intention...And Gary didn't mention wether he intend to keep it or try to make couple of $ trough this project.
Gary is an A&P/IA. IF HE HAS TIME, he can overhaul the engine and repair the mechanical stuff. Slap in a new windscreen, some used seats, interior plastic and radio. Get it a cheap paint job. Lease it back to an FBO for flight training and make some money. Most students don't care much about the appearance of a rental plane, as long as it's safe and sound and flies good.