Joe,

My father had purchased a 1984 760 Turbo a few years back and it had a myriad of problems. It too had overheated, severely warping the head. The engine was hydrolocked and half way seized, all of the lights on the front of the car were broken out, and the oil pan was nearly empty (except for a few tablespoons of milky goo.) Anyway, the point I am trting to make is this. He paid $400 for that car and fixed it himself. The car ran like a dream. It was, as is obvious by my description, very very abused during its lifetime. Before he owned it, it had few oil changes and was ran a WOT al of the time (even on very cold mornings.) He handed that car down to my brother whrn he turned 16. He drove it for a couple of years and then sold it (with nearly 260,000 miles on it, and it still ran like a raped ape; he never lost a race in that car). The car is still on the road with well over 300,000 miles on it. I'd say go for it. If it is nearly free anyway, you can't go wrong. It may turn out great.

Good Luck,

Joe Schaefer