What's a '66 Barracuda Formula S, 4-speed project car worth?

I would wait this guy out.
I really like these cars especially ‘66 Formula S and Valiant convertibles. But the reality is making a nice looking car out of this is doable with time, huge effort and more money than it’ll ever be worth. You will be upside down & underwater immediately. Which is fine if you are going to keep it for yourself (remember the alternative is $10,000 for a common Honda).
My problem with something like this is who knows how long it’ll take me to get it running or in other words enjoy it a little bit.
The issue with these cars is that to make them look nice is a lot of effort and often need expensive restoration on some items (think new chrome on bumpers).
But if you do get it there will be the exciting life-style change of working on a car that only you care about (I mean NOBODY really cares about an early Barracuda aka Valiant) along with a yard full of various parts cars that are just a gold mine of interesting parts.
And then there’s this one: this guy started at $5000 in the spring is now at $4000
66 Barracuda project