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Howdy.
I started with a turbo car and it didn't make things easier, it did make me much more interested in fixing it, but it also caused a lot of headaches.
1994 seems good to me and I don't know a ton about 940's, but they don't seem too much more complex than 740s- except for additional computers everywhere.
1) and 2) sound like they're probably easy-ish fixes. 3) Sounds like it could be a leaky hose or cracked tank... or a blown or leaky head gasket. Get the compression checked before you plunk down your money.
As far as income goes: Tires are going to be $350-$400 for basic to decent tires. Brake lines are pretty easy (easier if you have someone to help you bleed them) and cost about... $20-$50 depending on the type you get(rubber or steel/plastic combo) and from where.
How slight is a slight leak in the rack? The fluids (ALL FLUIDS) should be swapped at most every 2 years. The first thing I would do is swap the fluid. Then see if the leak is better or worse in 2 weeks.
A rebuilt rack is pretty darn expensive (>$500 if I recall right), there are 2 types of pumps and racks, and it is a big, gnarly job. A lot of people have issues with bleeding, contamination, broken "rebuilt" racks and so on.
I would be worried most about the coolant issues and also leery of the rack issues.
I would say no, this isn't a good starting point for someone with little extra cash and little experience. Pretty much any car could be overwhelming to learn, but a car without major issues would be better to build basic skills before progressing to major repairs. I'd say an 80's Naturally Aspirated, manual trans 240 would be a good place to start. Learn on something you don't mind breaking too much.
Good Luck!
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