Definitely has potential...
Be interesting to hear your report. If that picture is a good indicator of the overall condition, you would really have some freedom to drop a monster motor in there and have a real party doing it!
Did the body just get painted ? Take your magnet with you.
Curious to see if all the wiring and supporting material is still in place, or if its a totally empty engine bay, or what.
If you do get it, what do you 'spose you will do with it ?
Drag ? Cruzer ? Factory Look ?