1977 hmmm..... 750 hours? Divide that by its age and you get around 20 hours average a year.
I would bet you the value of MY plane that you would put at least 40K into that thing to make it airworthy. It might look great but it just ain't flown enough to be worth the low time sticker shock.
I woudn't touch it with a 20 foot pole. We all know what happens when you dont fly these things. They ROT, no matter how low the TT is. It just isnt good to NOT fly these things.