That's a bummer - i like those Vettes...
Looks like you definitely had a lot into it to then have to get rid of it.
My opinion is certainly the same - run far and fast from that 'Cuda. My other opinion is - if all you have is $1,500 bucks, go buy a model or something. Any project car that you buy is going to remain a project car for a long, long time. Restoring cars gets more and more expensive every year, and if you don't have money now, you won't have money later.
In addition, in MOST cases, restoring a car will ALWAYS cost more than it's worth. You don't restore cars to make money - you restore them to drive and enjoy them.
Jay Leno once said, "If you restore a car, and you do it right, and you make money off of it, you did something wrong."
I don't like telling someone to pass on a dream, but you've gotta have a reality check. Nothing you buy for $1,500 is going to drive, and chances are too high that you'll never get to drive it.
Have you looked at 60's A-bodies? They go for much cheaper than their E-body siblings.
Jeff