This is calling to me on some level. I've always liked the "bumper cars" and it seems to me like this could be the start of a driver with a LS. I am, however, concerned it could be a massive money pit.
Thoughts? Overpriced? A potential deal? Put the money into something else like a C5?
Re-build the 350 with aluminum heads and intake. It won't make LS power but IMHO is needs to keep a Gen 1 small block.
Find a five speed transmission.
It will be a money pit but that's OK. It's your money. 
By the pictures it's been sitting a while. Take the motor and make it work with the four speed. However, what you do depends on what you want to do with it. Regardless, you'll be replacing all the rubber, bushings, mounts, probably the fuel lines and maybe the tank, and u-joints. Not terribly expensive. Many sources from Rock Auto to Corvette specialists. I have a 75. It's been on jack stands for four years now. Creating my own barn find! Watch CorvetteBen on YouTube for info and inspiration. You'll likely put more into it than it's valued at, but the prices have been rising. For $12000 is the engine included?
How much of a money pit will depend on rust. Make sure you check the usual places on the birdcage.
I love that style Vette and since the original engine is gone, I see no issues going with an LS and 5 speed. That would give you daily driver reliability with performance to match the looks.
Finding space for the cats and insulating the heat from them may be a challenge, but in the end will make a nicer car to live with since you won't be breathing in late 60s exhaust at traffic lights when the window is out and tops removed.
It's old, American, kinda steel, kinda not, and probably 7 owners/mechanics/drivers deep..
It's going to be a money pit.
vwcorvette (Forum Supporter) said:By the pictures it's been sitting a while. Take the motor and make it work with the four speed. However, what you do depends on what you want to do with it. Regardless, you'll be replacing all the rubber, bushings, mounts, probably the fuel lines and maybe the tank, and u-joints. Not terribly expensive. Many sources from Rock Auto to Corvette specialists. I have a 75. It's been on jack stands for four years now. Creating my own barn find! Watch CorvetteBen on YouTube for info and inspiration. You'll likely put more into it than it's valued at, but the prices have been rising. For $12000 is the engine included?
What TheCorvetteBen did with that rat of a '72 was pretty motivating.
In reply to SuperDave :
Not sure I follow their reasoning... it's not that rare a model (as vettes go), and prolly not 100% original as is ( didn't read whole ad, but safe assumption)
So it's ok to put a more modern transmission, for better drivability, but not a more modern engine?
Not sure I follow that.
I haven't seen those wheels (Westerns?) in years. And quite frankly, I think they're kinda hawt.
Odd combo of manual steering and brakes plus power windows and AC. I'd roll the dice on it as it can be whatever you want to make it.
Do it, but it won't hurt to try and lowball. At this point in time, a C5 will probably also be a bunch of work. This would be a bit more satisfying. Put a Stellantis hemi in it.
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