1968 340S Coupe 4spd

Ok, so this isn't a restoration YET, but it is an opportunity. I'd like some input on whether this makes sense and anything else you see.

I have found what looks to be a complete original 340s coupe that has been sitting since 1978 (62K on the odometer). It is severely rusted on just about every panel and underneath. It has 69 front fenders but everything else appears to be there, right down to the air cleaner. A lot of bits are broken or corroded. I am told it is the original drivetrain with original transmission in the trunk (so it comes with two 4-speeds). Current owner bought it recently from the son of the original owner and is looking to flip.

I have been out of the game for a long time- is this a total basket case? How would I go about valuing it? Seems like the drivetrain is the best thing about it. Without the build sheet can I confirm it is a Formula S? Any good resources for frame repair? Thanks!

interior.JPG

front.JPG

left rear.JPG

engine1.JPG