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I would like to agree with the others, make sure the wiring harness looks alright, floor boards, oil, leaks, signs of body filler cracks, ect...
Some mechanics will re-wire the alternator to the gray plastic harness connector near the back part of the valve cover on the rear wall. Either way a harness should be on the "done that" list anyways. I'd look for mass oil deposits around the engine block. I was in the wrecking yard today (actually got to a good yard 1 hr drive) and saw a 700 that just looked like the seals must of leaked for a long time. Every thing covered with oil.
Power steering rack will show leaking near the rubber boot. If its got fluid build up around the hose connections it might just be the reserve box leaking down a hose or just a loose hose. Might want to even move the boots around a bit to try and see if it shows fluid. I'd unhook the warm up hose from the airbox, just to make sure its not going to kill the AMM. Get a 007 back up for the AMM asap, never know the condition. I did a full compression test on the cylinders on the last car I bought.
There are going to be things that get past you. Interior and body are fairly important, most likely be the thing that sells you on it either way. At this point if your going into the car for a 10 year period then the body is going to justify the spending on every part you can afford.
The trick is to find real honest reasons why the car should be discounted. Like a badly shaped engine mount that can be felt on take off, $100. Leaking power steering rack, $300. If my 86 244 didn't have the rust, peeling roof and body filler then it could sell for at least $700 more than what I'd ask at the moment.
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