In short, yes you can make a silk purse out of a Sow's ear, if you spend enough time and money on it.

I completed a two-year project on a 1965 544 and found the availability of parts to be extremely good for a 43 year old car. You can purchase sheet metal stampings of nearly all of the rust prone parts.

Previous advisors have mentioned all of the usual and customary problem areas related to rust, but I will advize that you pull out all of the floor mats and horsehair padding/insulation so you can see the top side of the floor pan and get ready to see "Swiss Cheese". Front Horns (forks) have also been mentioned as a potential for problems, especially underneath the body where they attach to the floor pan. Likewise, pull out the back seat and inspect the "shock towers" under the back seat.

You should get on your hands and knees and look at the bottom of the doors, they tend to be rusted and in some cases repaired by amatuers with fiberglass. This does not stop the rot of both the bottom of the door and the outer skins.

New rubber seals are readily available along with most suspension components. A wealth of used parts abound across the country from New York to the State of Washington. Don't be afraid to check the prices on the Swedish parts sources also. You will make many, many interesting aquaintances in the process of restoration and once you have a driver, get ready to listen to many people give you their own Volvo stories at the gas station. Would also recommend the installation of a M41 Transmission with model J overdrive if you plan on putting significant road miles on the car when you are finished. This requires modification of the Floor Pan and front propellor shaft, but other than that ($$$) pretty easy installation. Also recommend:

IPD sway bars, front and rear.
Alternator vs Generator (1970's vintage Bosch/Volvo units are available at almost any Volvo workshop/graveyard).
Perlux Electronic ignition.

Budget? Just the word "Chrome" sends shivers down my spine. When you get finished, you will look at a brand new Toyota LandCruiser and think of it as a bargain!

Oh, and by the way, don't get upset if your first three or four temperature gauges don't work right!

Suppo176
1965 PV544