I'd be lying if I said I didn't have a soft spot for those big beasts, but that particular one looks like it's been sitting awhile. I'd try to find one that was closer to running shape. They're not exactly rare, and parts won't be particularly cheap.
The 262C would be a great home for a 5.0 Fox mustang swap, as long as you had scoliosis as a child.
That Merc will never run again. CIS hates sitting with rotten gasoline. The 262 won't either, but the B28 is probably broken anyway.
If you enjoy complexity and interesting engineering choices and some, not all, high dollar parts prices - might be for you. But does seem a little pricey - at $350 might be a good parts car for another one in good shape.
They are made of stout stuff and clean up well so that isn't what I would be worried about, as mentioned above the fuel system will likely never be right and really what's the point of it won't run right after. I've successfully taken Mercedes field cars and made drivers out of them but more times it has ended with a part out.
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