1961 Dodge Seneca: To buy or not?

This is a really unique car. Problem is...so are the parts (from what I can tell so far.) My boyfriend and I are interested in buying a 1961 Seneca...for $500.

He has a '73 Charger SE (a B-body - sorry guys!), but his daily driver is a Dodge minivan - and I own a '98 Volvo. Both of us work on our cars, but we are thinking about a new addition to our family. She's beutiful, and rusty in all the usual spots (originally from New York.) She pretty much needs a complete redo.

The part I'm worried about the most is the engine, which at some point was swapped out for a 1971 straight-6 Nova engine. :scratch: (If we do buy the car, then it'll be replaced with a Dodge crate engine, unless we can find a used similar one to the original......)

I guess it's because it's such a cool car... and so cheap (we say this now, but it could be a complete money pit...) We know it will probably be near to impossible to have the car restored to complete original factory looks... but we thought with a little intelligent ingenuity and a little patience, we'll have a pretty cool and unique ride...

Comments? Suggestions anyone?