Is it worth it?

First, you have to determine, are you looking at purchasing car for an investment to make money, or as a personal car that you would like to have for yourself. From what you've told us, if it is for investment purposes it probably won't be a big money maker at the asking price. Paint, bumpers, chrome, misc. odds and ends add up quickly. What about tires, motor, trans, etc.? Car appears to have been sitting for 7yrs. At this point anything mechanical is suspect. You also said it had rust in lower quarters and torsion mount area. Are you sure thats the only areas that had damage. Seems odd.
On the other hand, if you like the car and would like to put the labor and money into getting it like you want, then you will spend way too much on it, just like the rest of us.
Just my opinion from what you've told us. Mike