So I've spent the summer trying to hunt down a reasonably priced secondary 200 series. I've had great miles on an 88 wagon. After a few months of eyeing rides with high price tags I hopped on a 1977 242 posted on craiglist for a price I'll say was less than $1,000. The seller seemed fairly trustworthy in his knowledge of the car. According to him the car was single-owner'd until it was garaged by the son for the last 16 years. The son finally wanted it gone and his cousin (the seller) turned it over onto me. The seller's garage was large and had a long shelf of car trophies(from what I dont know) so his car knowledge has to be decent. This made the cheap price suspect.

With 16year old oil, coolant, gas, and tires I reluctantly drove it home( about 20min drive). The acceleration was sluggish. Its gonna need brake work, tires, fluids flushed, etc. Suspension is so-so. Somebody cut of the cat and has it straight-piped.

One of my biggest worries is the rust. Even though it seems negligible, it's no doubt present and mostly top-body blotching or spotted here and there. The under carriage is actually pretty rust-free. Does this support the "stored for 16 years" claim?
The 114k odometer seems legitimate which is amazing for a '77 242 but lacking paperwork to back it up other than the original issue service book which is documented through 75k. I trusst the 114k. Auto, sunroof, white, DL, it does fire up and drives but not reassuringly. The tranny seems to shift smoothly. No major dents and only a few minor hail looking dents on the hood. Under the hood is a bit hairy- dirty and all metal parts bear rust- seems like a good degreasing and sanding would go a long way.

A point of interest is the interior. Of all my 200 research I've never seen a similar interior design. It looks like some 70's hotel print. It's dirty but should clean up well. ALL the plastic stuff (dash, instruments, etc.) is essentially pristine. The car as a whole looks entirely original-It even came with a 2 original door keys and 2 original trunk keys. The seller was under the impression it was some sort of "California Edition." Has anyone ever heard of this? --White headlight mounts and the funky cloth.

I'm debating what I should do with it. I'm a college student so my resources are limited. I don't have a hydraulic lift much less a garage, limited funds and time. I have a basic tool set and access to other tools I don't own. My car abilities are moderate( I've gotten pretty good on 200s). but I've never owned a car this old and I've never dealt with tuning up a car that's been sitting for so long.- A bit intimidated at the laundry list of upkeep.

My plan was to flush all liquids, replace tires and windshield and start "beatin' on 'er." A full restoration makes for a lovely Volvo dream but probably not realistic.

The reason I'm posting this is to get any advice/feedback.
Is this thing worth an extensive overhaul with the rust or should I just get running and treat it (loving) as a beater? Maybe do a few basic things for a quick resell to a better equiped home in order to make a little profit?
Is there anything i should REALLY do to a late-70s in order to get her in shape?
Thoughts on the Rust?
Does the unusual cloth make it a rare edition?
Kudos to anyone that actually read all of this and big Thanks to any suggestions.
Feel free to ask any questions. I'll try to shed more clarity if needed.